By Jessica Silver-Greenberg | The New York Times
The nation’s top energy regulator on Monday formally accused JPMorgan Chase of manipulating energy markets, foreshadowing a multimillion-dollar settlement that is expected as early as this week, according to people briefed on the matter.
The action by the Federal Energy Regulatory Commission is largely a formality ahead of the settlement — a deal that is expected to help JPMorgan avert a clash over accusations that the bank orchestrated trading strategies to turn inefficient power plants into profit centers, the people said.
From the outset, JPMorgan, which declined to comment on Monday, has denied any wrongdoing. The bank has also mounted a fierce defense of the top executives who supervised the traders in Houston accused of devising the trading strategies.

