NEW YORK (WKZO) -- That next electric bill may be a whopper if you have been hitting the air-conditioning hard this week.
Its being reported that Michigan residents and business owners may have been over-charged for electricity for sometime because of a scheme allegedly devised by J.P.Morgan to manipulate electricity markets in Michigan and California.
Federal documents obtained by the New York Times claim that the financial firm misrepresented energy prices to turn unprofitable power plants into profit centers, and ratepayers were forced to pay the difference.
J.P. Morgan officials are denying any wrongdoing but are reportedly in negotiation to settle with the Federal Energy Regulatory Commission to avoid a long and embarrassing trial.
The New York Times reports they could wind up paying a half billion dollar fine, the largest in history to settle the claims.