Financial Services Litigation & Investigations Group
Financial Services Litigation & Investigations Group
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Second Circuit Affirms Dismissal of Putative Class Action Against JP Morgan
- Client News
- September 23, 2013
Paul, Weiss obtained a significant victory on behalf of J.P.
Morgan Chase & Co., J.P. Morgan Chase Bank, Inc. and J.P.
Morgan Futures, Inc. (JPMorgan) in the U.S. Court of Appeals for
the Second Circuit. The Second Circuit affirmed the district
court's judgment dismissing a putative class action filed on behalf
of all traders who purchased and sold NYMEX natural gas futures
contracts during a period in 2006. The plaintiffs claimed that
Amaranth, a hedge fund for which JPMorgan provided clearing broker
services, manipulated natural gas futures prices during the period
in 2006, and that JPMorgan had aided and abetted Amaranth's
manipulation. The Second Circuit affirmed the district court's
ruling that plaintiffs' allegations, considered in connection with
the routine clearing services that JPMorgan provided to Amaranth,
did not state a claim for aiding and abetting manipulation under
the Commodities Exchange Act.
Litigation partner Eric Goldstein argued the appeal,
and the Paul, Weiss team included litigation partners Mark
Pomerantz and Daniel Toal and counsel Darren
Johnson.