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Nation's Largest Power Grid, a Novack and Macey Client, Sues Hedge Funds Over Trading Losses.

 04-16-2008
Novack and Macey partner Eric Macey, and associates Richard Douglass and Molly DiRago, filed suit in Federal court in Delaware for PJM Interconnection, LLC ("PJM"), a regional transmission organization that coordinates the movement of wholesale electricity in all or parts of 13 states and the District of Columbia, providing service to more than 51 million people.  The suit alleges that Mark Gorton, Tower Research Capital, LLC, and certain affiliated entities engaged in a scheme to manipulate the energy and related markets operated by PJM, in violation of the federal Racketeering Influenced Corrupt Organizations Act, the Delaware Fraudulent Transfer Act, and multiple other state laws.  On behalf of PJM, Novack and Macey is seeking to recover total damages -- including treble damages pursuant to RICO -- in excess of $150 million, plus legal fees.
  
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