The U.S. Court of Appeals for the District of Columbia Circuit has upheld a ruling by the U.S. District Court for the District of Columbia that found the Commodity Futures Trading Commission (CFTC) did not act illegally in promulgating Dodd-Frank regulations. The Investment Company Institute and the U.S. Chamber of Commerce brought the action against the CFTC, arguing that the adopted regulations applying to derivatives trading were unlawfully adopted and invalid. The district court “granted summary judgment in favor of the Commission. Because we agree with the district court that the Commission did not act unlawfully in promulgating the regulations, we affirm,” ruled the appeals court. Specifically, the two groups challenged a rule that would subject registered investment companies (RIC) engaged in derivatives trading to many of the Dodd-Frank requirements. Prior to 2003, RICs engaged in rare derivatives trading activities, but that has since changed, according to the CFTC. It is the agency’s latest legal victory with respect to its Dodd-Frank regulation of the $300 trillion.
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Driller Sues Federal Government Over 2010 GOM Moratorium
ATP Oil & Gas Corp. has filed a lawsuit claiming that it lost more than $68 million when the federal government “improperly and illegally” suspended offshore drilling in the wake of the April 2010 Macondo well blowout and oil spill in the Gulf of Mexico (GOM) and “unlawfully delayed” permits to the company even after the moratorium was lifted.
High Court to Hear Southern Union Mercury Case
The U.S. Supreme Court last Monday said it will review a lower court’s decision penalizing Houston-based Southern Union Co. $18 million for illegally storing a hazardous waste, mercury, without a permit in Rhode Island.
High Court to Hear Case Against Southern Union for Mercury Storage
The U.S. Supreme Court Monday said it will review a lower court’s decision penalizing Houston-based Southern Union Co. $18 million for illegally storing a hazardous waste, mercury, without a permit in Rhode Island.
Interior Board Ruling Sends Jolt to Coalbed Gas Producers
The Interior Department’s Board of Land Appeals (IBLA) has ruled that the federal government illegally awarded three leases for coalbed methane (CBM) development in the Powder River Basin in Wyoming in early 2000, a decision some believe could affect other existing leases in the basin and hobble the Bush administration’s plans for expanded CBM production in the West.
FERC Analyst: Transwestern Charged Market Rates Last Winter
Transwestern Pipeline earlier this year illegally charged shippers market-based rates for firm transportation capacity to the California border “under the guise of negotiated rates,” according to prepared testimony of an energy industry analyst with the Federal Energy Regulatory Commission.
El Paso Merchant Calls Market-Power Case a ‘Jumble of Confusion’
Plaintiffs’ evidence that El Paso Merchant Energy Co. (EPME) illegally drove up delivered natural gas prices to the southern California market beginning in mid-2000 is a “jumble of confusion, contradiction, hyperbole and illogic that does not begin to satisfy [the] burden” of proof, the merchant energy company contends.
Pipes, Producers Seek Changes to OCS Rule
Twelve OCS producers last week accused FERC of illegallysubjecting offshore production and production-related facilities tothe reporting requirements in its final rule dealing with theregulation of gas transportation facilities on the OuterContinental Shelf (OCS). Interstate pipelines weren’t especiallyhappy with the final OCS rule either, saying it added another layerof unnecessary regulation.
Pipes, Producers Seek Changes to OCS Rule
Twelve OCS producers last week accused FERC of illegallysubjecting offshore production and production-related facilities tothe reporting requirements in its final rule dealing with theregulation of gas transportation facilities on the OuterContinental Shelf (OCS). Interstate pipelines weren’t especiallyhappy with the final OCS rule either, saying it added another layerof unnecessary regulation.
