4th Circ. Won't Reconsider FERC Timeliness On $35M Penalty

Law360 (April 16, 2020, 4:36 PM EDT) -- The full Fourth Circuit won't rethink a panel's ruling that a Federal Energy Regulatory Commission enforcement action wasn't too late, allowing the agency to continue pursuing nearly $35 million in penalties and disgorgement against a Pennsylvania-based hedge fund over alleged electricity market manipulation.

The appellate court on Wednesday denied a bid for an en banc reconsideration of its published opinion that the clock started on a FERC enforcement action after Powhatan Energy Fund LLC and Houlihan Chen, an individual who made trades for the fund, failed to pay penalties FERC imposed, not after the alleged manipulative conduct occurred as the hedge...

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