21
November
2017
Energy Enforcement Update
Our latest enforcement update covers:
- FERC releases 2017 Report on Enforcement showing continued focus on fraud and market manipulation;
- CFTC settles with Statoil ASA for attempted manipulation of Argus Far East Index propane benchmark – “damning” messages again cause trouble;
- Judge issues case management order and sets trial date in CFTC case against Kraft;
- FERC approves settlement in Barclays case;
- CFTC orders Cargill, Inc. to pay a $10 million civil penalty for providing inaccurate mid-market marks on swaps;
- Senate confirms McIntyre and Glick to FERC, but still not sworn in at FERC; and
- CFTC orders Morgan Stanley and Co. Incorporated to pay $350,000 penalty for Part 17 Large Trader reporting violations.
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30
October
2017
Energy Enforcement Update
This week’s enforcement update covers:
- Barclays and FERC Enforcement reach agreement in principle to settle manipulation lawsuit for a total of $105 million;
- HSBC executive convicted of foreign currency exchange fraud;
- FERC Chairman Chatterjee calls for FERC to reexamine proper scope of de novo review;
- Senator Blumenthal calls on FERC to investigate price manipulation allegations;
- CFTC finds that Arab Global Commodities DMCC engaged in spoofing of copper futures contracts; and
- FERC files response to Silkman and CES objection to magistrate’s discovery rulings in district court.
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02
October
2017
Energy Enforcement Update
This week’s enforcement update covers:
- Judge grants Smith motion for judgment on pleadings and dismisses Smith in Barclays case;
- DOE urges FERC to take action to address electric grid resiliency;
- CFTC Director of Enforcement emphasizes self-reporting and cooperation in speech;
- CFTC Division of Enforcement issues Updated Advisory on Self Reporting and Cooperation;
- CFTC orders Logista Advisors LLC to pay $250,000 for supervision failures related to spoofing;
- CFTC orders Morgan Stanley & Co. LLC to pay $500,000 for supervision failures;
- CFTC issues no-action relief regarding CPO and CTA registration;
- CFTC orders Citibank, N.A. and Citigroup Global Markets Limited to pay a $550,000 penalty for swap data reporting violations;
- CFTC orders Merrill Lynch to pay $2.5 million to settle charges of supervision failures and recordkeeping violations;
- Silkman and CES file partial objection to magistrate’s discovery rulings in district court; and
- FERC Staff presents on enforcement activities during the no-quorum period.
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18
September
2017
Energy Enforcement Update
This week’s enforcement update covers:
- CFTC orders W Resources, LLC to pay a $150,000 civil penalty for registration violations;
- Senate Energy & Natural Resources Committee considers FERC nominees; new GC withdraws from FERC v. Powhatan case.
- Rostin Behnam sworn in as a Commissioner of the CFTC;
- Appeals court denies petition for rehearing related to spoofing conviction against Michael Coscia;
- FERC approves settlement agreement with American Transmission Company;
- FERC Enforcement settles with Westar Energy; and
- FERC approves settlement agreement with City Power and Tsingas.
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21
August
2017
Energy Enforcement Update
This week’s enforcement update covers:
- FERC and Smith file pleadings on Smith motion for judgment on the pleadings in Barclays case;
- CFTC finds that the Bank of Tokyo-Mitsubishi UFJ, Ltd. engaged in spoofing of Treasury futures and Eurodollar futures – applauds cooperation of the bank;
- Appeals court upholds spoofing conviction against Michael Coscia;
- FERC quorum restored with two new Commissioners;
- Senate unanimously confirms CFTC nominees;
- CFTC orders trader to pay $650,000 civil penalty for spoofing;
- Judge grants motions to dismiss New York ZEC lawsuit; and
- Fifth Circuit denies TOTAL petition for rehearing en banc of declaratory judgment action against FERC.
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24
July
2017
Energy Enforcement Update
This week’s enforcement update covers:
- Second Circuit reverses Rabobank LIBOR convictions over forced testimony;
- Judge issues pretrial scheduling order in FERC case against Barclays;
- Judge grants motions to dismiss Illinois ZEC lawsuit;
- Ryan Smith files motion for judgment on the pleadings in Barclays case;
- President Trump nominates Rostin Behnam to serve as CFTC Commissioner;
- President Trump announces intent to nominate Kevin McIntyre as FERC Chairman;
- FERC issues Notice of Alleged Violations against Rover Pipeline and Energy Transfer Partners;
- CFTC files response to Kraft motion to compel; and
- FERC issues Notice of Alleged Violations against American Transmission Company.
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06
July
2017
Energy Enforcement Update
This week’s enforcement update covers:
- CFTC enters into non-prosecution agreements with former Citigroup Global Markets Inc. traders in spoofing case;
- CFTC orders $5.2 million in civil penalties for wash sales designed to generate exchange rebate fees;
- FERC hosts technical conference on developments in natural gas index liquidity and transparency;
- Senate Energy & Natural Resources Committee releases new energy bill;
- President Trump announces intent to nominate Richard Glick as FERC Commissioner;
- FERC Enforcement and City Power file status report on settlement; and
- Judge grants Kraft Foods motion to compel discovery from the CFTC.
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12
June
2017
Energy Enforcement Update
This enforcement update covers:
- FERC and Department of Energy nominees clear Senate committee;
- District court dismisses oil price manipulation complaints against multiple energy companies;
- Barclays and FERC file Second Amended Joint Status Report and Court schedules settlement conference;
- Fifth Circuit affirms dismissal of TOTAL’s declaratory judgment action against FERC;
- Supreme Court limits SEC disgorgement to 5-year statute of limitations;
- Kraft Foods moves to compel documents from CFTC; and
- Fifth Circuit vacates judgment involving overly broad privilege standard and related protective order.
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19
May
2017
Energy Enforcement Update
This week’s Enforcement Update covers:
- Senate Energy & Natural Resources Committee to consider FERC nominees;
- Ninth Circuit affirms dismissal of RICO class action against JPMVEC;
- FERC to host technical conference on developments in natural gas index liquidity and transparency; and
- Plaintiffs appeal dismissal of class action against TOTAL.
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08
May
2017
Energy Enforcement Update
This week’s Enforcement Update covers:
- Judge in Barclays case denies FERC motion to affirm civil penalties;
- CFTC orders civil penalties and trading bans for former Citigroup Global Markets Inc. traders in spoofing case;
- CFTC Acting Chairman Giancarlo appoints James McDonald as Enforcement Director;
- FERC Enforcement and City Power reach settlement agreement; and
- Judge dismisses plaintiffs’ class action complaint against TOTAL.
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