Hedge fund case tests Ferc's anti-manipulation drive

A US Federal Energy Regulatory Commission probe into a little-known energy hedge fund has turned into an unusual public standoff. Now, the fund's founders are girding themselves for a long legal battle, which may set an important precedent for US energy market regulation

US power
In Powhatan's view, Ferc failed to inform traders that collecting MLSA credits was illegal

In the early seventeenth century, Chief Powhatan led an alliance of Native American tribes whose warriors clashed with the settlers of Jamestown, England's first permanent colony in the Americas, established in modern-day Virginia in 1607.

Lately, another Powhatan has won attention for its fighting spirit. But this time, its enemies are not European settlers, but officials at the US Federal Energy Regulatory Commission (Ferc). And instead of arrows and tomahawks, its weapons are expensive

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