Jeffrey Sherman Photo

Jeffrey A. Sherman

Senior Counsel


Jeff advises electric utilities, natural gas companies, distribution companies, and marketing and trading companies on a broad array of regulatory compliance, litigation, and transactional matters.

Before the Federal Energy Regulatory Commission (FERC), Jeff has represented numerous clients in litigated proceedings, including prominent electric power and natural gas market manipulation cases, investigations and self-reports, and alleged tariff violations. He also represents electric and natural gas companies in various proceedings under the Federal Power Act (FPA) and Natural Gas Act (NGA), including filings under FPA sections 203 and 205, electric and natural gas rate cases, pipeline project filings, and various FERC-required filings and reports. Jeff also provides advice and compliance training on FERC rules and policies related to natural gas and electric power transmission and marketing, including FERC Standards of Conduct, electric power trading, pipeline capacity release rules, and FERC’s market manipulation authority.


Jeff also has significant experience before the Commodities Futures Trading Commission (CFTC), advising marketing and trading companies with respect to CFTC and futures exchange rules for trading over-the-counter (OTC) and exchange-traded derivatives, including relevant Dodd-Frank requirements. Among other things, Jeff has counseled clients on CFTC and futures exchange data requests and enforcement matters, including litigated market manipulation allegations, advised companies on Dodd-Frank rulemakings and various compliance requirements, and has helped companies modify their swap and commodity agreements to comply with CFTC rules.

Jeff also has significant experience advising companies on energy transactional issues, including negotiating asset management agreements, gas purchase and sale agreements, pipeline precedent and gathering agreements, and North American Energy Standards Board (NAESB) and International Swaps and Derivatives Association (ISDA) master agreements and special provisions. Jeff also advises companies on trading and hedging policies and strategies.

Prior to joining Michael Best, Jeff practiced at leading international law firms, spending a decade at a prominent global firm where he focused on FERC and CFTC compliance and enforcement, energy commodity transactions, hedging, and derivatives.


Natural Gas

  • Natural gas commercial market participants in negotiation of long-term natural gas purchase and sale agreements, Liquefied Natural Gas (LNG) agreements, and pipeline agreements, including NAESB and ISDA Gas Annex master agreements and confirmation
  • Natural Gas trading companies in FERC public and non-public enforcement matters and self-reports, including allegations of market manipulation
  • Natural gas pipeline companies in NGA section 5 rate cases and FERC allegations of tariff violations and affiliate preference
  • Natural gas pipeline shippers in NGA section 4 and 5 rate cases
  • Natural gas pipeline in FERC and NAESB compliance reviews and procedures
  • Energy marketing and trading companies regarding on-site annual and as-needed FERC and CFTC enforcement compliance training

Electric Power

  • Electric utility in cross-PJM and MISO rate elimination proceeding, including filing of expert testimony, rebuttal testimony, discovery requests and responses, and eventual negotiation of multiple settlement agreements
  • Electric utility in significant FERC litigation regarding allocation of production costs among affiliated electric utilities
  • Electric utility in FERC litigation concerning approval of cost-based power supply contracts
  • Electric market participants in various Federal Power Act Section 203, 205, and 206 filings, rate applications and tariff amendments, including market-based rate applications, merger applications, and asset dispositions
  • Board of Directors of electric utility in investigation concerning violation of FERC native load transmission service requirements
  • Electric utility in Reliability Must-Run revenue proceeding at FERC

CFTC, Derivatives and Commodities

  • Energy and agricultural products trading companies in connection with response to CFTC and futures exchange investigations, including prominent litigation of market manipulation allegations and CFTC and exchange rules violations
  • Individual traders in connection with response to subpoena in CFTC rate setting investigations
  • Independent media organization with response to CFTC inquiry involving price reporting
  • Intermediaries and futures and commodity brokers in connection with CFTC investigation
  • Various commercial end users with respect to negotiation of ISDA swap agreements and Dodd-Frank protocols
  • Energy marketing and trading companies with respect to hedging and derivatives trading policies, including compliance with FERC and CFTC rules
  • Futures exchanges, trade associations, electric, gas, and refined products companies, and marketing and trading companies in preparation of Dodd-Frank rulemaking comments



back to top