On May 4, the U.S. Court of Appeals for the Second Circuit issued an order affirming the district court’s dismissal of the class action lawsuit against TOTAL Gas & Power North America, Inc. and certain affiliates for alleged natural gas market manipulation. As we previously reported, drawing on CFTC and FERC findings, several investors who trade commodities derivatives on the New York Mercantile Exchange and Intercontinental Exchange sued for damages resulting from alleged manipulation of natural gas trading at four regional hubs in the western U.S. In March 2017, the district court dismissed the plaintiffs’ suit on the grounds that they did not successfully plead injury, and thus failed to establish standing or to state a claim under the Commodities Exchange Act or antitrust laws. The Second Circuit found, to the contrary, that the plaintiffs successfully pleaded standing. However, the Second Circuit agreed with the district court that the plaintiffs failed to plausibly allege injury under any of their claims. Accordingly, the Second Circuit affirmed the district court’s judgment, modified to remove the dismissal for lack of standing.