NEW YORK -- JPMorgan Chase & Co. has agreed to pay $410 million to settle allegations it manipulated energy markets in California and the Midwest.
The Federal Energy Regulatory Commission, which announced the settlement early Tuesday, said the sum included $285 million in civil penalties JPMorgan would pay to the U.S. Treasury.
Nearly all of the remainder -- $124 million in unjust profits -- would go toward ratepayers in California's grid operator, the California Independent System Operator, FERC said.
Another $1 million would go to ratepayers in the Midcontinent Independent System Operator.
The settlement contained no admission or denial by JPMorgan.
"We are pleased to put this matter behind us," a JPMorgan spokesman said in a statement. The settlement wouldn't have a "material impact" on earnings because the company previously had set aside reserves to cover the costs, the spokesman added.