Powhatan Energy Fund is filing for Chapter 7 bankruptcy, effectively ending more than a decade of litigation.

A federal judge last week handed FERC another defeat in its battles with traders over how courts review market manipulation allegations.

PJM told FERC that it has already recovered $9 million of the approximately $37 million the RTO paid out to virtual traders through its marginal loss surplus allocation.

FERC was the subject of intense criticism Wednesday and Thursday as members of a congressional subcommittee considered legislation to rein in the agency’s Office of Enforcement.

Rich and Kevin Gates say they will force FERC to collect $34.5 million in federal court, where a statute of limitations defense could reduce the penalties.

PJM Market Monitor Joe Bowring had a lively debate with one of the consultants for Powhatan Energy over the “duty” of market participants to self-police against market manipulation.

PJM has asked FERC to untangle the question of how profits from trades that are determined to be illegal get calculated and refunded.

Powhatan Energy Fund, already embroiled in a battle with FERC’s Office of Enforcement, have now taken on PJM.

Attorneys for Powhatan Energy Fund and Kevin Gates accused FERC's Office of Enforcement of withholding information that could exonerate their clients in a high-profile market manipulation case.

FERC issued an Order to Show Cause seeking $29.8 million in fines from the Powhatan Fund, in a case that became the centerpiece of a debate over FERC enforcement policy during Commissioner Norman Bay’s confirmation process earlier this year.