The Commodity Futures Trading Commission (CFTC) filed an application Monday in the U.S. District Court for the District of Columbia, seeking to enforce a subpoena for documents it served on McGraw-Hill Companies, Inc. in December 2006 relating to natural gas price information collected from a specific energy company by McGraw-Hill’s Platts division. The CFTC said it was the fourth time it had subpoenaed documents relating to data from various energy companies and their use in calculating price indices published in Platts’ Inside FERC’s Gas Market Reports. The CFTC is conducting a nonpublic investigation into whether an energy company attempted to manipulate prices to benefit its financial swaps positions. In a previous case where Platts objected that the material was privileged under the First Amendment, a judge overruled the privilege argument, saying the CFTC investigation was similar to a criminal investigation. The judge, however, also said the CFTC’s subpoena was overly broad and he limited the amount and nature of the material to be provided (see Daily GPI, Oct. 5, 2005). The CFTC’s investigations mainly have focused on the 2001-2002 time period.
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Articles from Court
Concord Energy, Traders Fined $1.6M for Bogus Price Reporting
Concord Energy LLC and two traders were ordered by a Colorado court last Tuesday to pay $1.6 million in penalties for falsely reporting natural gas information to published indexes in an attempt to manipulate natural gas prices.
Concord Energy, Traders Fined $1.6M for 2000-02 Bogus Price Reporting
Concord Energy LLC and two traders were ordered by a Colorado court Tuesday to pay $1.6 million in penalties for falsely reporting natural gas information to published indexes in an attempt to manipulate natural gas prices, the Commodity Futures Trading Commission (CFTC) said.
Judge Dismisses Case Against Quoddy Bay LNG Terminal
A federal district court judge in Maine has dismissed a lawsuit brought by six residents of the Pleasant Point Passamaquoddy Reservation who were seeking to derail the Quoddy Bay LNG facility proposed for development on tribal land. The judge ruled the residents lacked standing and their claims were not ripe for adjudication.
Judge Dismisses Case Against Quoddy Bay LNG Terminal
A federal district court judge in Maine has dismissed a lawsuit brought by six residents of the Pleasant Point Passamaquoddy Reservation who were seeking to derail the Quoddy Bay LNG facility proposed for development on tribal land. The judge ruled the residents lacked standing and their claims were not ripe for adjudication.
DOE Agrees to Set New Efficiency Standards in Settlement with States
The U.S. District Court for the Southern District of New York has approved a settlement agreement between 15 states, consumer groups, environmental groups and the Department of Energy (DOE) that requires DOE to raise the energy efficiency standards on about 20 common domestic appliances and some industrial equipment. According to DOE’s estimates, the new standards covered by the agreement will reduce energy use by as much as 35 quadrillion Btus over a 30-year period.
Ex-Aquila Traders Plead Guilty to Concealing False Price Reports
Three former trading desk managers for Kansas City, MO, natural gas and electricity provider Aquila Inc. pleaded guilty in federal court last Monday to concealing information about the reporting of false prices for natural gas trades to index publishers.
Ex-Aquila Traders Plead Guilty to Concealing False Price Reports
Three former trading desk managers for Kansas City, MO, natural gas and electricity provider Aquila Inc. pleaded guilty in federal court Monday to concealing information about the reporting of false prices for natural gas trades to index publishers.
Court Approves Sempra Class Action Settlement
A state Superior Court judge in San Diego Wednesday approved the pending settlement previously announced for Sempra Energy and its two major California utilities in a multi-billion-dollar class action lawsuit.
Louisiana Lawsuit Seeks Damages from Pipes, Producers for Katrina
A class action lawsuit filed Tuesday in the U.S. District Court for the Eastern District of Louisiana is seeking unspecified damages against several oil and natural gas pipeline and production companies, alleging their coastal operations in Louisiana destroyed wetlands and allowed Hurricane Katrina to do more damage to occur than would have otherwise.
