- Business strategy, trading, and risk management
- Environmental policy, renewable energy, and demand response
- Litigation and arbitration
- Market manipulation and financial fraud
- Nuclear power
- Oil and gas
- Project development and transaction support
- Rate cases, reliability assessment, and electricity's value
- Regulatory support, supply procurement, and market design
Market manipulation and financial fraud
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
- 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
- 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.