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NEW YORK CITY, New York (AFP) – Banking giant JPMorgan Chase agreed to pay a $410 million settlement to resolve U.S. charges that it manipulated power prices in California and the Midwest, the bank and regulators said Tuesday.

JPMorgan will pay a civil penalty of $285 million to the U.S. Treasury and disgorge $125 million in unjust profits, the Federal Energy Regulatory Commission said in a statement. The bank did not admit or deny the allegations.

JPMorgan “is pleased to have reached an agreement with FERC to put this matter behind it,” the bank said in a statement.

The agreement follows allegations that JPMorgan traders engaged in 12 instances where the bank made bids that forced independent system operators to pay JPMorgan at above-market rates. The alleged incidents occurred from September 2010 through November 2012.

JPMorgan shares were up 0.5 percent in pre-market trading.

JPMorgan in recent months has moved to resolve a number of regulatory issues that have given critics ammunition after JPMorgan suffered a controversial $6.2 billion trading loss in 2012.

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Lara Trump

Reprinted with permission from Daily Kos

Guillermo Garcia, a soccer coach, was fundraising for his daughter's soccer team outside of an El Paso, Texas, Walmart on August 3, 2019 when a white supremacist opened fire, killing him and 22 others in what The New York Times called "the deadliest anti-Latino attack in modern American history." El Paso Police Chief Greg Allen told The Dallas Morning News that Patrick Crusius, who was 21 years old at the time, purchased a 7.62 mm caliber gun and drove some 10 hours west from Allen, Texas, to carry out the massacre.

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