In Re: Natural Gas Commodities Litigation

Mark Dwyer testified on issues related to class certification and damages on behalf of a plaintiff class of New York Mercantile Exchange purchasers of natural gas futures contracts that had been harmed as a result of manipulation of natural gas price indices. Dr. Dwyer addressed the empirical feasibility of measuring impact. He submitted declarations which helped win access to third party data on actual trade reports. Dr. Dwyer’s model used reconstructed price indices–rebuilt by replacing false trade reports with real-world trade data–to determine the impact of monthly spot index distortions on futures prices. Soon after Dr. Dwyer’s report was filed, the remaining defendants settled this matter. Defendants agreed to pay $100 million.