JPMorgan Chase & Co. apologized to federal regulators for submitting inaccurate information in an investigation into the investment bank’s electricity trading in California.
Morgan, which has been threatened with having its trading privileges in California revoked, apologized to the Federal Energy Regulatory Commission in a lengthy filing.
Morgan said the inaccurate information was the result of “unintentional, good-faith mistakes, misunderstandings and miscommunications.” It said the mistakes have been cleared up and don’t justify revoking the company’s trading rights in California.
FERC has threatened to ban Morgan from selling electricity in California at market rates after it “submitted misleading information” to the agency and the California Independent System Operator. The ISO runs California’s electricity grid.
FERC, acting on a complaint from the ISO, has been investigating allegations that Morgan extracted tens of millions of dollars in excess profits through manipulative trading practices. The company has denied any wrongdoing.