FERC Defends Authority To Fine Gas Trader $30M In DC Circ.

Law360, New York (June 13, 2012, 7:10 PM EDT) -- The Federal Energy Regulatory Commission told the D.C. Circuit on Monday that it wasn’t stepping on the U.S. Commodity Futures Trading Commission’s turf when it fined an ex-trader $30 million for allegedly manipulating the natural gas futures market.

The FERC, which is defending its authority to levy the fine in a suit filed by former Amaranth Advisors LLC trader Brian Hunter, said in a brief that the CFTC doesn’t have exclusive jurisdiction over manipulation under the Commodity Exchange Act.

FERC had recognized the CFTC's jurisdiction in...
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