Cash-Strapped CFTC Faces Troubled Return To Admin Court
By Stephanie Russell-Kraft (November 14, 2014, 3:28 PM EST) -- The Commodity Futures Trading Commission is set to soon bring its first enforcement action in administrative court in over 10 years, but experts worry the cost-conscious move away from federal courts could leave litigants scrambling in front of administrative law judges with zero expertise in the complex financial transactions being disputed.
CFTC enforcement chief Aitan Goelman made the announcement at a recent Practising Law Institute event in New York, saying the overwhelming reason for the move is the agency's lack of resources and "bandwidth for discovery-intense litigation." But he added that bringing enforcement actions in administrative courts would also allow the...
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