JPMorgan Told to Explain Withholding Energy-Probe E-Mails
By Tom Schoenberg - Jul 5, 2012 2:21 PM ET
JPMorgan Chase & Co. (JPM) was ordered by a federal judge to explain why it shouldn’t be compelled to turn over e-mails sought by U.S. regulators in a probe of potential energy-market manipulation.
U.S. District Judge Colleen Kollar-Kotelly in Washington today gave JPMorgan until the end of the day on July 13 to respond. The U.S. Federal Energy Regulatory Commission sued JPMorgan on July 2 to release 25 e-mails in an investigation of possible manipulation of power markets in California and the Midwest by J.P. Morgan Ventures Energy Corp.
“JPMorgan shall address why it should not be required to produce the 25 at-issue e-mails in unredacted form or to submit them to the court for in camera review,” Kollar-Kotelly said in the three-page order. “JPMorgan must present declarations or other competent evidence to support each of the essential elements of any claimed privilege.”
FERC opened the probe in August after complaints from California and Midwest grid operators that JPMorgan’s bidding practices were abusive, according to the agency’s initial court filing.
“We believe we have complied in all respects with the law, as well as FERC rules and applicable tariffs, governing this market,” Jennifer Zuccarelli, a JPMorgan spokeswoman, said in an e-mail. “We stress that this investigation is ongoing and that no conclusions have been reached or findings adjudicated.”
more:
http://www.bloomberg.com/news/2012-07-05/jpmorgan-told-to-explain-withholding-energy-probe-e-mails.html
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