JPMorgan Chase will pay $410 million to settle charges it manipulated electricity markets in California and the Midwest. The bank's energy unit, JP Morgan Venture Energy Corporation, was accused of raising electricity rates in these markets between September 2010 and November 2012 through "manipulative bidding strategies," according to the Federal Energy Regulatory Commission. JPMorgan (JPM, Fortune 500) will pay $124 million to California residents who overpaid for electricity. Customers in the Midwest will receive $1 million. The rest of the fine will be paid to the U.S. Treasury. JPMorgan said it was pleased to ... (full story)