FERC Refuses To Back Down From Amaranth Action

Law360, New York (December 3, 2007, 12:00 AM EST) -- In a hotly anticipated ruling, the Federal Energy Regulatory Commission refused Friday to rehear Amaranth Advisers LLC's objection to FERC's proposed $200 million fine, ratcheting up the jurisdictional turf war between FERC and the Commodity Futures Trading Commission.

Without the rehearing, FERC's opinion that it has authority under the Energy Policy Act of 2005 and the Natural Gas Act of 2005 to enforce against the disgraced hedge fund's alleged manipulation of natural gas futures prices on the New York Mercantile Exchange in spring 2006 will stand....
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