High Court Won't Review $1.5M Award In CFTC's Metals Suit

Law360 (April 1, 2019, 4:41 PM EDT) -- The U.S. Supreme Court on Monday declined to review a $1.5 million damages award given to the U.S. Commodity Futures Trading Commission in the agency's fraud suit against two Florida-based precious metals trading companies and their CEO.

Issuing no opinion, the high court passed on reviewing the damages award after Southern Trust Metals Inc., Loreley Overseas Corp. and CEO Robert Escobio appealed the Eleventh Circuit's decision in February. The traders had argued that the damages should be substantially limited and that the panel had no authority to affirm a lifetime industry ban against the traders.

The traders claimed the panel erroneously decided...

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