Brian Hunter, an employee of Amaranth hedge fund, was fined $30 million by the Federal Energy Regulatory Commission (FERC) for allegedly manipulating the price of natural gas futures contracts. However, Hunter argued that FERC lacked jurisdiction and that the manipulation of natural gas futures contracts fell under the exclusive jurisdiction of the Commodity Futures Trading Commission (CFTC). The case involves whether the Commodity Exchange Act covers manipulation of natural gas futures contracts and whether FERC has the authority to pursue an enforcement action against Hunter. The most relevant facts are that Hunter is accused of violating the Commodity Exchange Act by manipulating the price of natural gas futures contracts during the settlement periods of February, March, and April 2006 and that FERC filed an enforcement action against him alleging that he violated section 4A of the Natural Gas Act.
Hunter v. Federal Energy Regulatory Commission (2013)
United States Court of Appeals for the District of Columbia Circuit
404 U.S. App. D.C. 250, 711 F.3d 155
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