Legal notes

✍ Scribed by Ronald J. Horowitz

• Book ID: 102217512
• Publisher: John Wiley and Sons
• Year: 1982
• Tongue: English
• Weight: 109 KB
• Volume: 2
• Category: Article
• ISSN: 0270-7314
• DOI: 10.1002/fut.3990020307

✦ Synopsis

ne important legal question has been resolved recently, while another con-0 tinues to heat up. This is certainly nothing new for the commodities futures industry.

The long-awaited resolution of the "private right of action" question was resolved on May 3, when the U.S. Supreme Court handed down its decision in Merrill Lynch, Pierce? Fenner & Smith v. Curran. In a 5-4 decision, the Court held that violations of the Commodity Exchange Act can be enforced in federal court by private litigants who bring suit against other market participants, futures commission merchants, as well as contract markets. Justice Stevens held that all