FERC Has No Jurisdiction Over Amaranth: Brief

Law360, New York (December 10, 2007, 12:00 AM EST) -- A coalition of exchanges, brokers and market participants filed an amicus brief Monday arguing that the Federal Energy Regulatory Commission does not have the legal authority to prosecute price manipulation claims against defunct hedge fund Amaranth Advisors.

In its brief with the U.S. Court of Appeals for the D.C. Circuit, the coalition said the FERC's case against Amaranth would “harm the futures industry by creating two separate legal standards for determining when trading on futures exchanges should be construed as market manipulation.”

It added that the...
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