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Case: Klein & Co. Futures, Inc. v. Board of Trade of New York City, et al.
Subject(s): Commodity Exchange Act, securities, standing
Appealed from: Second Circuit Court of Appeals
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Docket No: 06-1265
Decision Rendered: No
Decision: None
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Question(s) presented:
Whether the court of appeals erred in concluding that futures commission merchants lack statutory standing to invoke a private right of action under the Commodity Exchange Act for actual losses...because, in the court's view, they do not engage in such transactions, despite the statutory requirement that the merchants enter into and execute their transactions on, and subject to the rules of, a board of trade and the fact of the merchants' financial liability for the transactions
Holding of appellate court: The U.S. District Court dismissed Klein's claim for lack of standing to sue, and the U.S. Court of Appeals for the Second Circuit affirmed.
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