No. 12-2075-cv.

730 F.3d 170 (2013)

In re AMARANTH NATURAL GAS COMMODITIES LITIGATION. Roberto E. Calle Gracey, on behalf of himself and all others similarly situated, John F. Special, Gregory H. Smith, on behalf of himself and all others similarly situated, Alan Martin, individually and on behalf of all other persons similarly situated, Plaintiffs-Appellants, v. J.P. Morgan Chase & Co., J.P. Morgan Chase Bank, Inc., J.P. Morgan Futures, Inc., Defendants-Appellees, Amaranth Advisors, LLC, Amaranth Advisors Calgary ULC, Amaranth Capital Partners LLC, Amaranth Partners LLC, Nicholas M. Maounis, ALX Energy Incorporated, James Delucia, Gotham Energy Brokers Inc., Amaranth Management LP, Amaranth International Advisors L.L.C., Amaranth LLC, Amaranth Group Inc., Amaranth International Limited, James Delucia, L.P., Brian Hunter, TFS Energy Futures LLC, Matthew Donohoe, Defendants.

United States Court of Appeals, Second Circuit.

Decided: September 23, 2013.

Attorney(s) appearing for the Case

Christopher Lovell ( Gary S. Jacobson , Amanda N. Miller , Lovell Stewart Halebian Jacobson LLP, New York, NY, Peter D. St. Phillip Jr. , and Vincent Briganti , Lowey Dannenberg Cohen & Hart, P.C., White Plains, NY, on the brief), Lovell Stewart Halebian Jacobson LLP, New York, NY, for Plaintiffs-Appellants.

Eric S. Goldstein ( Daniel J. Toal , on the brief), Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY, for Defendants-Appellees.

Before: SACK, HALL, and LIVINGSTON, Circuit Judges.


In the fall of 2006, Amaranth Advisors LLC ("Amaranth"), a hedge fund that had heavily invested in natural gas futures, collapsed. A Senate investigation would later conclude that Amaranth, in the months leading up to its demise, had taken positions in natural gas futures and swaps so massive that its trading directly affected domestic natural gas prices and price volatility. See Staff Report of S. Permanent Subcomm. on Investigations...

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