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Second Circuit Affirms Dismissal of Putative Class Action Against JP Morgan

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.

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