Traders Sue Enviro Futures Exchange Founder For Fraud

Law360, New York (December 16, 2011, 7:06 PM EST) -- The founder of the Chicago Climate Futures Exchange, which is scheduled to close next year, was sued Wednesday in Illinois state court for alleged fraud in luring two dozen individuals and companies into buying trading privileges with the environmental derivatives market.

The plaintiffs contend that Richard Sandor and other agents with Chicago Climate Futures Exchange LLC falsely represented that only 250 trading privileges on the exchange would be sold, after which their holders would be able to transfer or lease them.

The trading privileges gave their...
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