A federal appeals court has declined to revive a proposed class action by several commodities traders accusing Total Gas & Power, part of French energy giant Total SA, of manipulating natural gas prices for nearly three years between 2009 and 2012.
In a decision on Friday, the 2nd U.S. Circuit Court of Appeals said the traders did not plausibly allege that their trades of natural gas futures, which were linked to prices at a national hub in Louisiana, were affected by Total’s alleged price manipulation at four much smaller regional hubs. Hubs are intersections of pipelines where gas is traded and priced.
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