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New York City Lawyers Fighting to recover investor losses since 2004

Christopher J. Gray Firm, Co-Counsel Obtain Class Certification in Natural Gas Futures Manipulation Case Against Hedge Fund Amaranth

September 30, 2010

The U.S. Distict Court for the Southern District of New York (Hon. Shira A. Scheindlin, U.S. District Judge) has granted the motion for class certification filed by plaintiffs including Roberto E. Calle Gracey (represented by Christopher J. Gray, P.C. and Louis F. Burke, P.C.) in a class action case alleging that now-defunct hedge fund Amaranth manipulated the prices of natural gas futures contracts during February through September 2006 (In re Amaranth Natural Gas Commodities Litig., No. 07-CV-6377 (SAS)). The class certification ruling permits traders who were net short New York Mercantile Exchange (NYMEX) natural gas futures contracts expiring during the summer of 2006 between February and September 2006 as well as traders who were net long NYMEX natural gas futures contracts expiring in December 2006, January 2007, February 2007 or March 2007 between February and September 2006 to prosecute their claims on a classwide basis.

In reaching its decision the Court rejected defendants’ arguments. including that the case’s class definition was too complex to permit the Court to determine who is a class member and that plaintiffs had not shown that they court prove that Amaranth had caused artificial prices in NYMEX futures on a classwide basis.

The Court’s decision is accessible below.

10.9.27 class certification order.pdf (2.42 mb)

Client Reviews
Chris did a great job with my case. He managed my expectations in the beginning of the process, consulted me along the way and always made sure I knew the advantages and disadvantages of decisions we collectively needed to make. He is very knowledgable about the finanical industry and how they work legally, which very much helped me and my legal initiative successful. Chris is straight-forward and doesn't mess around. I was very please with his professionalism and the outcome of my case, and would recommend him to anyone that is pursuing action against any company in the financial services industry. Greg
Chris displayed extreme professionalism. His dedication, research, and concern for his clients pocket book was displayed to the fullest when Chris tried my case. His diligence and perserverance were rewarded when we won our case. I have reccommended Chris to numerous friends who have concurred with my positive assessment. Jay
Chris became my lawyer for a FINRA Arbitration case in 2008. He listened to my complaint, filed notice soon after and engaged an expert witness. We discussed mediation, found it to be agreeable and approached the defendant who at first agreed and at the last minute reneged. At all times Chris kept me informed of the process, costs and developments. Andrew