Enforcement Defense

Cadwalader's attorneys represent clients in the natural gas, oil, and power industries in compliance and enforcement matters before the Federal Energy Regulatory Commission (FERC), the U.S. Commodity Futures Trading Commission (CFTC), the Federal Trade Commission (FTC), and multiple state public utility commissions.  We also represent clients before the U.S. Courts of Appeals.

Our enforcement defense team represents commodity traders, power marketers, producers, end-users, natural gas marketers, and energy companies in FERC, CFTC, and FTC investigations involving physical commodities, over-the-counter derivatives, and regulated futures trading.  We also defend clients in civil and administrative proceedings that involve allegations of manipulation, false reporting, wash trading, and various other regulatory violations.  In addition, our attorneys regularly represent clients in FERC audits and conduct internal investigations and compliance assessments.

Teaming with Cadwalader’s While Collar Defense and Investigations practice, our energy team addresses civil and criminal matters involving bribery; securities, commodities, and accounting fraud; antitrust and environmental enforcement; bank and tax fraud; government contracting; U.S. and international money laundering; asset forfeiture; and foreign bank secrecy and confidentiality laws.  The white collar group regularly represents corporations, boards, audit committees, directors and senior officers, law firms, international bodies, and individuals in federal and state criminal, civil, and administrative proceedings and litigation, as well as in congressional investigations and hearings.  Our lawyers have assisted many clients in avoiding prosecution in complex investigations through the employment of effective strategy and defense skills.

 

CFTC Enforcement Matters

  • Scores of wholesale energy and commodity dealers, marketers and end users in CFTC and joint CFTC-FERC investigations, several of which were closed without the initiation of enforcement actions
  • Negotiated many settlements with the CFTC on behalf of energy and commodity trading companies
  • Financial institution in CFTC investigation of metals markets
  • Multiple institutions in CFTC investigations of EFRPs
  • FCM in CFTC investigation of risk controls and supervision
  • Oil company trader in CFTC investigation of international oil market
  • Mutual fund in CFTC wash trading investigation
  • Commodity merchant in CFTC investigation of crude market
  • Exchange in CFTC fraud investigation
  • Trader in CFTC investigation of natural gas market
  • Energy companies regarding Dodd-Frank Act (DFA) compliance
  • Several FCMs in CFTC investigations of segregated funds
  • Oil company in CFTC and FSA manipulation investigation of crude markets
  • Introducing Broker in CFTC fraud investigation
  • Hedge fund under investigation by the CFTC for certain trading in natural gas markets
  • Exchange in CFTC wash trading investigation
  • Performed regulatory compliance audit for international agribusiness company
  • Hedge fund in government inquiry associated with fund's agriculture trading
  • Energy company in CFTC investigation involving coal markets
  • Algorithmic trading operation in CFTC investigation regarding speculative limits
  • FCM related to CFTC investigation concerning supervision of personnel
  • Floor broker in CFTC manipulation investigation of crude futures trading
  • Financial institution in CFTC investigation involving commodity research
  • Advised on operational risk by proprietary trading owner in arbitration proceeding
  • Algorithmic trading operation in CFTC investigation of natural gas trading on the NYMEX
  • Financial institution in CFTC manipulation investigation of certain energy futures trading activity
  • Oil company in CFTC investigation associated with company's trading in WTI crude
  • ECM in CFTC fraud investigation
  • International agriculture company in CFTC investigation involving swaps
  • Confidential company in CFTC investigation concerning issues related to failure to supervise

FERC Enforcement Matters

  • Scores of wholesale energy and commodity dealers, marketers and end users in FERC and joint FERC-CFTC investigations, several of which were closed without the initiation of enforcement actions
  • Represented an energy trading company and individual traders regarding FERC manipulation investigation of relational trading, physical power schedules and congestion revenue rights in Western markets, resulting in no enforcement action
  • Represented energy marketer regarding FERC investigation of transmission access in the southeast, resulting in no enforcement action
  • Represented an energy trading company and individuals regarding FERC manipulation investigation of power schedules and inaccurate information claims in the CAISO market, resulting in favorable settlement
  • Represented an asset manager/generator regarding CFTC review of generator obligations in ERCOT, currently pending
  • Represented financial institution and asset/manager/generator regarding FERC investigation of capacity supply obligation in ISO-NE, resulting in no enforcement action
  • Represented financial institution regarding claims of ICE index manipulation to benefit a financial position, currently in federal court
  • Represented energy marketer regarding bidding of power plant and provision of information in ISO-NE
  • Represented demand response enrolling participant and demand response provider regarding claims of fraud in the determination of baselines for demand response, resulting in no enforcement action for that participant
  • Represented an energy trading company and individual traders regarding FERC’s manipulation investigation of relational and loss leader trading involving financial products, physical transactions and virtual trading in the eastern interconnect markets including NYISO, ISO-NE, PJM, MISO and Ontario, resulting in a settlement
  • Represented an energy trading company regarding FERC enforcement’s investigation of Lake Erie electricity loop flow causation and impact, resulting in no enforcement action
  • Represented energy trading companies and individual traders regarding FERC investigation of manipulation and tariff violation allegations in the western markets and, separately, in the eastern markets, resulting in closed matters and a settlement
  • Represented market systems developer accused of aiding manipulative conduct before California and U.S. legislative committees, the FERC and California PUC and California attorney general, resulting in no enforcement action
  • Assisted multiple clients with initial inquiries from market monitors, and various FERC divisions and offices regarding natural gas and electricity matters throughout the U.S.
  • Assisted a demand response provider regarding enforcement and compliance matters
  • Assisted a demand response provider regarding an internal review of enrollment and metering issues in an eastern market
  • Represented energy marketer regarding its responses to CAISO MMU data requests
  • Represented generator regarding NYISO fuel oil investigation
  • Representing a generator regarding FERC investigation of potential violations of Part 12 of regulations related to hydro operations
  • Assisted generator regarding self-report to FERC for late-filed market based rate application, electronic quarterly reports, changes in status
  • Assisted entity regarding self-report to FERC related to Standards of Conduct OASIS postings
  • Assisting financing entity regarding FERC review of natural gas trading
  • Assist energy marketer regarding FERC investigation of CAISO DA/RT scheduling at the interties
  • Assist energy marketer regarding FERC investigation of NYISO gas costs for reliability needed plant
  • Assisted wind generator regarding NERC enforcement matter
  • Advised on and conducted compliance audit regarding regulated utility and marketing affiliate FERC standards of conduct (e.g. including cross subsidy, functional separation, transmission and interconnection issues) and NERC rule implementation
  • Advised energy companies regarding Dodd-Frank Act (DFA) compliance as it relates to energy products including those arguably regulated by FERC
  • Provided several clients with “root cause” analyses and internal audit services
  • Established compliance regimes and evaluation metrics for scores of energy companies, including on-going energy trading and scheduling advisory services
  • Revised natural gas marketers sales and energy asset management operations to ensure FERC compliance, including with Order 712
  • Advised energy market participant regarding Texas anti-fraud and anti-manipulation rules and accurate information provisions

Additional U.S. and International Agency Enforcement Matters

  • International bank in foreign currency investigation
  • Oil company in FTC investigation of energy markets
  • Wind generator regarding NERC enforcement matter
  • FCM in NFA investigation of retail FOREX trading
  • Financial institution in multi-agency global investigation of interest rates
  • Registrant in National Futures Association audit
  • Bank in government investigation of exchange traded fund
  • Hedge fund in SEC investigation concerning securitized instruments
  • Hedge fund in joint fraud investigation by the SEC, CFTC, and CBOE
  • Oil company related to CME investigation of front-running activity
  • Oil company in CBOE insider trading investigation
  • Trading company in FTC investigation of gasoline and crude
  • UK agriculture company in global wash trading investigation
  • U.S. agriculture company in CME investigation
  • Hedge fund in multi-agency investigation related to the flash crash
  • FCM and IB in trading system investigation 

5 Attorneys

Billinson, George D. Counsel Washington
T. +1 202 862 2411
Doroshkin, Nelli Associate Washington
T. +1 202 862 2392
Haskell, Mark R. Partner Washington
T. +1 202 862 2407
Rahman, Lamiya Associate Washington
T. +1 202 862 2209
Snyder, Brett A. Special Counsel Washington
T. +1 202 862 2252

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ACI Summit on Controlled Substances: Regulation, Litigation and Enforcement

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