Market manipulation and financial fraud

Overview

Bates White’s Energy and Finance professionals have been involved in an array of commodity, securities, and derivatives markets cases, including alleged manipulation, fraud, and other trading practices. We are known for our ability to combine our vast energy industry expertise, state-of-the-art analytical tools, and rigorous economic and financial analyses into easy-to-understand, compelling terms that provide our clients with the support and defensible expert testimony necessary in high-stakes litigation.

  • FERC v. Amaranth Advisors. Provided expert testimony in FERC proceedings
    in a major NYMEX price manipulation case. Analyzed price movements and
    trading behavior, as well as the impact of supply and demand factors.
  • In re Natural Gas Litigation. Submitted expert testimony regarding liability on
    behalf of an energy trading company in a NYMEX commodity futures market
    manipulation case.
  • Duke Energy, Docket Nos. EL00-95-075 and EL00-98-063. Submitted expert
    testimony in FERC proceedings regarding allegations of improper bidding
    behavior during the California electricity crisis of 2000–2001.
  • Hedge fund fraud. In a case stemming from fraudulent actions by a hedge
    fund manager, analyzed due diligence efforts of a large financial institution in
    approving certain investment vehicles for its clients, including the analysis of the
    plausibility of claimed returns given the hedge fund’s stated strategies.
  • High-frequency trading. Providing advice and analysis for a securities exchange
    related to the surveillance of high-frequency trading and detection of market
    manipulation.
  • Enron “MegaClaims” litigation. In a case involving the alleged participation by
    multiple investment banks in Enron’s downfall, developed an econometric basis
    for estimating the contribution of numerous complex financial transactions to
    both causation and damages.
  • Constellation Energy, Docket No. EL07-47-000. Submitted testimony on behalf
    of Constellation in a complaint proceeding related to an auction for electric
    power supplies. Analyzed issues related to the competitiveness of the auction
    structure, market concentration, the ability of the participants to exercise market power, and allegations of collusion.