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Commentary by Bob Zwirb

The U.S. Court of Appeals for the Second Circuit upheld a lower court's dismissal of JPMorgan as a defendant in a private suit filed against it for allegedly aiding and abetting Amaranth's alleged manipulation of natural gas futures in 2006. The plaintiffs had previously obtained a settlement of $77.1 million from Amaranth. JPMorgan served as Amaranth's FCM. The Second Circuit held that in order to prove JPMorgan aided and abetted Amaranth's manipulation, the plaintiffs were required to allege that JPMorgan knew that Amaranth specifically intended to manipulate the price of New York Mercantile

CFTC Speeches March 7, 2011 CFTC Commissioner Jill Sommers called for: extended and more flexible time deadlines for implementing Dodd-Frank requirements; setting the precise scope of Dodd-Frank with respect to the cross-border activities of foreign banks; harmonizing our rules to the greatest extent possible with the SEC, other U.S. regulators and our foreign regulatory counterparts to ensure that we accomplish the overall objectives of "reducing systemic risk and limiting opportunities for regulatory arbitrage"; Commissioner Sommers also noted that the CFTC is out of step with non-U.S