2022 Sidley Energy Enforcement Update

This Sidley Energy Enforcement update covers:

  • Federal Energy Regulatory Commission (FERC) approves settlement between Enforcement staff and Coaltrain
  • Both FERC and Commodity Futures Trading Commission (CFTC) enforcement reports highlight the respective agency’s continued commitment to strong enforcement
  • U.S. Court of Appeals for the Fifth Circuit upholds FERC’s finding that BP manipulated the natural gas market but remands to FERC to recalculate its $20 million penalty
  • CFTC orders Glencore to pay a record-setting penalty of $1.186 billion
  • CFTC and Securities and Exchange Commission (SEC) orders over $1.8 billion in fines against 11 firms for recordkeeping failure — employees using unapproved method of communications such as texts and WhatsApp on personal devices

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Sidley Energy Enforcement Update

This Sidley Update addresses the following:

  • District court judge finds that FERC may not pursue joint and several liability and disgorgement in Coaltrain case – FERC seeks interlocutory appeal.
  • FERC Report on Enforcement highlights increased enforcement activity in 2021.
  • FERC approves settlement between Enforcement staff and Golden Spread.
  • FERC orders penalties against GreenHat Energy, LLC and individuals.
  • DOJ and CFTC charge Puerto Rico resident and his firm for misappropriation of nonpublic information and fictitious trading.

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Energy Enforcement Update

This week’s enforcement update covers:

  • FERC issues Order to Show Cause to Footprint for alleged tariff violations and submission of false information;
  • The Supreme Court denies TOTAL petition for writ of certiorari;
  • FERC settles with Duke Energy regarding alleged violation of FERC market behavior rule on communications;
  • CFTC orders Société Générale S.A. to pay $475 million penalty to resolve charges of alleged LIBOR and Euribor manipulation; and
  • U.S. Department of Justice announces new policy on coordination of corporate penalties.

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