Calle Gracey v. J.P. Morgan Chase & Co.

DEBRA ANN LIVINGSTON, Circuit Judge:

In the fall of 2006, Amaranth Advisors LLC (“Amaranth”), a hedge fund that had heavily invested in natural gas futures, collapsed. A Senate investigation would later conclude that Amaranth, in the months leading up to its demise, had taken positions in natural gas futures and swaps so massive that its trading directly affected domestic natural gas prices and price volatility. See Staff Report of S. Permanent Subcomm. on Investigations, Comm, on Homeland Security and Governmental Affairs, 110th Cong., Excessive Speculation in the Natural Gas Market 6 (2007)…