Firm Says Hedge Fund Too Broke To Fight $35M FERC Penalty

By Emma Cueto (July 28, 2021, 3:39 PM EDT) -- Williams Mullen has asked a Virginia federal court to let the firm drop a hedge fund client facing a $35 million market manipulation suit from the Federal Energy Regulatory Commission, saying the fund is due to run out of money by the end of the year and has made further representation "unreasonably difficult."

The firm told the court in a motion filed Monday that the Powhatan Energy Fund LLC anticipates its assets will be depleted by the end of 2021 as a result of its expected legal costs, and argued that the firm's departure now would have a minimal impact on...

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