High Court Hears Oral Argument In Futures Case

Law360, New York (October 29, 2007, 12:00 AM EDT) -- Futures brokers should be able to bring lawsuits against the exchanges on which they trade, a lawyer for Klein & Co. Futures Inc. argued Monday before a seemingly sympathetic U.S. Supreme Court.

Drew S. Days, who is representing Klein in the case, said in oral argument that futures brokers are financially liable from the beginning of a transaction to the end, making them eligible to litigate under the Commodity Exchange Act.

“My client did something,” Days said. “He guaranteed that commodity transaction in accordance with the...
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