Law360 Publishes Article by David Applebaum and Todd Brecher on FERC’s Largest Enforcement Settlement in Nearly Four Years
Law360 has published the article “Big Settlement Shows FERC’s Pursuit Of Market ‘Gaming,’” written by Akin Gump partner David Applebaum and counsel Todd Brecher, both members of the firm’s energy regulation, markets and enforcement practice.
The article, which originated as a blog post on AG Speaking Energy, discusses a settlement between the Federal Energy Regulatory Commission and GDF SUEZ Energy Marketing NA, Inc. (GSEMNA) resolving an investigation into whether GSEMNA violated FERC’s Anti-Manipulation Rule. Applebaum and Brecher write that GSEMNA agreed to pay a civil penalty of $41 million and disgorge $40.8 million in unjust profits in what was the largest enforcement settlement in almost four years.
The article, which can be read in its entirety by clicking here, proceeds to outline the conduct at issue, FERC’s findings that led to the settlement and some key takeaways.