Brokerage Seeks To Dodge Rice Futures Class Action

Law360, New York (August 5, 2011, 5:22 PM EDT) -- A Chicago-based futures brokerage and its executives sought the dismissal Friday of a class action alleging they manipulated rice futures contracts, saying the plaintiffs made an impermissible leap of logic based on a U.S. Commodity Futures Trading Commission settlement.

Daniels Trading Group LLC, its parent company Global Asset Advisors LLC and their top executives say the plaintiffs' claims that they manipulated the price of the futures contracts are premised solely on the CFTC's allegations in its administrative proceeding, which the defendants neither admitted nor denied in...
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