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Hedge funds Amaranth to pay $7.5-million settlement


Amaranth Advisors LLC will pay $7.5-million (U.S.) to settle allegations from U.S. regulators that the hedge fund tried to manipulate natural-gas futures in 2006. The agreement ends cases brought by the Commodity Futures Trading Commission and Federal Energy Regulatory Commission involving the hedge fund's trading on the New York Mercantile Exchange. FERC initially proposed a $291-million fine. The CFTC filed a complaint in federal district court in July, 2007, saying the fund and its trader, Brian Hunter, were trying to sway prices with large sell orders late in the trading session. The company controlled more than half the U.S. natural gas market before its 2006 collapse.

© 2007 The Globe and Mail. All rights reserved.

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