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Case Abstract
On behalf of NYMEX natural gas traders, a team of Lowey Dannenberg lawyers, led by Geoff Horn and Vince Briganti, sued eighteen large energy trading companies seeking to recover losses caused by, among other things, misreporting and inflating the value of reported trades.
Client
class of NYMEX natural gas futures traders.
Case Name
In re Natural Gas Commodity Litigation, No. 03 CV 6186 (VM) (S.D.N.Y.).
Result
$100 million recovery.
Case Details
On May 19, 2006, the United States District Court for the Southern District of New York approved a $72,762,500 partial settlement of a class action on behalf of entities and persons who traded New York Mercantile Exchange natural gas futures contracts. Since that hearing, additional settlements which were preliminarily approved by the Court on February 12, 2007, have brought the total settlements to date to $100 million. Lowey Dannenberg is co-lead counsel for a class of plaintiffs who allege that the defendants manipulated the prices of natural gas futures and options contracts by reporting inaccurate, misleading, and false information concerning physical commodity trades to trade publications that compile and publish indices of natural gas spot prices.
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