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JPMorgan Faces $1B Suit For "Derailing" Amaranth

Law360 (November 14, 2007, 12:00 AM EST) -- Amaranth Advisors LLC on Tuesday put the blame for its spectacular collapse on JPMorgan Chase & Co., seeking $1 billion in damages from the financial institution for undermining its efforts to avoid ruination.

Amaranth became the largest hedge fund failure in history in September 2006, after revealing that it had suffered a $6 billion loss from bad natural gas trades.

According to its new lawsuit, filed in New York State Supreme Court, JPMorgan used its position as Amaranth’s clearing broker to stop the fund from transferring...
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