Taking on Energy Giants to End Widespread Market Manipulation
In re Natural Gas Commodity Litigation
During 2000-2002, some of the largest energy companies in the country manipulated the price of natural gas futures traded on the New York Mercantile Exchange. These companies not only falsely reported the price and volume of their trades to various market sources, they also engaged in a variety of market gaming strategies that created the illusion of increased liquidity and demand in the market.Manipulated gas futures lead to more than $100 million in recoveries.
Labaton Sucharow brought an action in New York federal court, serving as co-lead counsel to the class of wronged investors. Following complex and extensive litigation, counsel recovered more than $100 million for the victims of this widespread misconduct. Importantly, the total settlement represented the second largest class action recovery in the history of the Commodity Exchange Act.