COMMODITY FUTURES TRADING v. AMARANTH ADVISORS

No. 07 Civ. 6682 (DC).

523 F.Supp.2d 328 (2007)

U.S. COMMODITY FUTURES TRADING COMMISSION, Plaintiff, v. AMARANTH ADVISORS, LLC et al., Defendants.

United States District Court, S.D. New York.

November 1, 2007.


Attorney(s) appearing for the Case

Terry Arbit, Esq., General Counsel for, the U.S. Commodities Futures Trading Commission, by Manal Sultan, Esq., Stephen Jay Obie, Esq., Bradford M. Berry, Esq., David W. MacGregor, Esq., New York, NY, Attorneys for Plaintiff U.S. Commodities Futures Trading Commission.

Winston & Strawn, LLP, by David Emilio Mollon, Esq., Stephen J. Senderowitz, Esq., New York, NY, Attorneys for Defendants Amaranth Advisors, LLC and Amaranth Advisors (Calgary) ULC.

Cynthia Marlette, Esq., General Counsel for the Federal Energy Regulatory Commission, by P. Todd Mullins, Esq., Leslie B. Bellas, Esq., Washington, DC, Attorneys for the Federal Energy Regulatory Commission.

Spiegel & McDiarmid, by Daniel I. Davidson, Esq., Robert C. McDiarmid, Esq., Peter J. Hopkins, Esq., Mark S. Hegedus, Esq., Washington, DC, Attorneys for Amici Curiae American Public Gas Association, American Public Power Association, and National Rural Electric Cooperative Association.

Kirkland & Ellis LLP, by Mark a Young, Esq., Washington, DC, by Eric F. Leon, Esq., New York, NY, Attorneys for Amici Curiae Chicago Mercantile Exchange Group, Inc., Futures Industry Association, Inc., International Swaps and Derivatives Association, Inc., Managed Funds Association, Inc., and New York Mercantile Exchange, Inc.

James Bradford Ramsay, Esq., General Counsel for the National Association of Regulatory Utility Commissioners, by Grace D. Soderberg, Esq., Washington, DC, Attorneys for Amici Curiae National Association of Regulatory Utility Commissioners.


OPINION

CHIN, District Judge.

On July 25, 2007, the Commodity Futures Trading Commission (the "CFTC") brought this action against Amaranth Advisers, LLC and others (collectively, "Amaranth"), alleging price manipulation with respect to natural gas futures contracts and seeking injunctive relief and civil penalties. The very next day, July 26, 2007, the Federal Energy Regulatory Commission ("FERC") commenced an administrative enforcement proceeding...

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