Lowey Dannenberg Wins Final Approval of $77.1 Million Dollar Settlement in Amaranth Hedge Fund Natural Gas Commodity Litigation
On April 11, 2012, the Honorable Shira A. Scheindlin, District Court Judge for the Southern District of New York, entered a final order and judgment approving the $77.1 million settlement reached in the certified class action involving the manipulation of New York Mercantile Exchange ("NYMEX") natural gas futures contract prices by Amaranth Advisors LLC, one of the largest natural gas hedge funds prior to its widely-publicized collapse in September 2006. In re: Amaranth Natural Gas Commodity Litigation, Case No. 07 Civ. 6377 (SAS) (S.D.N.Y.). The $77.1 million settlement is more than ten times greater than the $7.5 million joint settlement achieved by the Federal Energy Regulatory Commission (“FERC”) and the Commodity Futures Trading Commission (“CFTC”) against Amaranth Advisors LLC and represents the fourth largest class action recovery in the 85-plus year history of the Commodity Exchange Act. Lowey Dannenberg, led by partners Vincent Briganti and Geoffrey M. Horn, served as Co-Lead Counsel for Plaintiffs and the Class.