Amaranth sued by San Diego County Retirement Association

Fri Mar 30, 2007

The San Diego County Employees Retirement Association has filed a complaint for securities fraud against Amaranth Advisors, LLC, three of its officers, and against Brian Hunter, the firm’s former natural gas trader, to recover losses suffered when the firm collapsed last autumn from bad natural gas trades.

“Amaranth collapsed in September 2006 as a result of excessive and unbridled speculation in natural gas futures that was directly contrary to statements made to [the retirement association] that Amaranth would be diversified and risk controlled,” the retirement plan said in a statement issued Thursday.

Amaranth disputes the charges. In a March 29 letter to investors, Amaranth...

ISSN: 2151-1845 / CDC10004H

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