JPMorgan Exempt From Amaranth Futures Suit, 2nd Circ. Rules
By Kira Lerner
Law360, New York (September 23, 2013, 6:26 PM ET) -- The Second Circuit on Monday upheld JPMorgan Chase & Co.'s exclusion from a price manipulation suit brought by natural gas futures contracts purchasers against hedge fund Amaranth Advisors LLC and affiliates, ruling that the complaint fails to adequately state a claim against the bank.
A panel of judges from the Second Circuit ruled that JPMorgan and two of its subsidiaries, JPMorgan Chase Bank Inc. and J.P. Morgan Futures Inc., are not liable for aiding and abetting Amaranth's alleged manipulation, for which the plaintiffs have already secured a...