Merely A Setback For CFTC Market Manipulation Cases
Law360 (December 14, 2018, 9:49 AM EST) -- On Nov. 30, 2018, the U.S. Commodity Futures Trading Commission suffered a stunning blow to its expansive interpretation of market manipulation under the Commodity Exchange Act. Almost two years after a bench trial against DRW Investments, Southern District of New York Judge Richard Sullivan dismissed all of the CFTC’s claims against the defendants and issued a harsh 27-page decision ridiculing the CFTC’s argument. Judge Sullivan noted, “[t]he laws that forbid market manipulation should not encroach on legitimate economic decisions lest they discourage the very activity that underlies the integrity of the markets they seek to protect.”
The facts in CFTC v....
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