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Paul, Weiss Achieves Significant Victory for JPMorgan

On August 3, Justice O. Peter Sherwood of the New York Supreme Court granted summary judgment to our client, JPMorgan Chase & Co., dismissing the sole remaining claim asserted by Amaranth LLC, a hedge fund that spectacularly imploded in September 2006 after losing billions of dollars within a matter of weeks.

In the complaint, Amaranth alleged that JPMorgan tortiously interfered with a potential natural gas futures transaction between Amaranth and Citadel Investment Group when JPMorgan purportedly made a defamatory statement to Citadel that impugned Amaranth's creditworthiness. Amaranth claimed the collapse of the supposed deal lead to Amaranth's downfall and sought billions of dollars in claimed damages.

Adopting the arguments presented in our briefs, Justice Sherwood held that Amaranth failed to raise a genuine issue as to whether the alleged defamatory statement pleaded in the complaint was ever made or caused Citadel to abandon the proposed deal. The court also found no genuine issue as to the truth of the alleged defamatory statement or whether JPMorgan made any statement with actual malice.

Litigation partner Eric S. Goldstein argued the summary judgment motion, and the team included litigation partners Mark F. Pomerantz and Daniel J. Toal, and counsel Darren W. Johnson.

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