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AMARANTH v. J.P. MORGAN

No. 603756/07, 274

71 A.D.3d 40 (2009)

888 N.Y.S.2d 489

AMARANTH LLC et al., Appellants-Respondents, v. J.P. MORGAN CHASE & CO. et al., Respondents, and J.P. MORGAN FUTURES, INC., Respondent-Appellant.

Appellate Division of the Supreme Court of New York, First Department.

Decided November 5, 2009.

Attorney(s) appearing for the Case

Kleinberg, Kaplan, Wolff & Cohen, P.C., New York City ( Marc R. Rosen, and David Parker of counsel), and Bartlit Beck Herman Palenchar & Scott LLP, Chicago, Illinois ( James B. Heaton, III , of the Illinois bar, admitted pro hac vice, of counsel), for appellants-respondents.

Paul, Weiss, Rifkind, Wharton & Garrison, LLP, New York City ( Mark F. Pomerantz , Eric S. Goldstein and Daniel J. Toal of counsel), for respondents and respondent-appellant.

GONZALEZ, P.J., TOM, SWEENY and RENWICK, JJ., concur.

OPINION OF THE COURT

CATTERSON, J.

The instant appeal arises from events that the Wall Street Journal in January 2007 described as "the biggest hedge fund failure ever." To stem billions of dollars in losses in 2006, Amaranth LLC executed trades to transfer its high-risk positions to the parent company of its clearing broker, J.P. Morgan, which received substantial benefits from the transaction. Both parties appeal from portions of an order that, inter alia...

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