US authorities are probing whether banking giant JPMorgan Chase manipulated US energy markets, the Wall Street Journal reported.
The headquarters of JPMorgan Chase bank rises over Park Avenue in midtown Manhattan, on July 13, 2012, in New York City. US authorities are probing whether the banking giant manipulated US energy markets, according to the Wall Street Journal.
The newspaper, citing unnamed sources, on Monday said the Justice Department recently decided to take a closer look at the bank's energy practices as it was wrapping up a $410 million settlement linked to allegations it had manipulated power prices in California and the Midwest.
The Journal said it was unclear whether the investigation is civil or criminal and noted that its sources warned the probe was still in its early stages.
The newspaper quoted a JPMorgan spokesman as saying that "we're working hard to remediate controls issues, strengthen business practices and address regulatory concerns."
JPMorgan faces a series of legal woes. Just last week, the US charged a pair of former traders with fraud in connection with the 2012 $6.2 billion "London whale" trading losses.