Judge: Investors’ Commodities Exchange Act Claims Don’t Meet Morrison Standard

Mealey's (February 13, 2017, 9:50 AM EST) -- NEW YORK — A federal judge in New York on Feb. 8 dismissed an amended complaint filed by investors who alleged that a financial services firm and its CEO engaged in a scheme to manipulate prices at which certain futures contracts traded on the Chicago Mercantile Exchange Global Platform (CME Globex), ruling that the investors failed to show that the alleged transactions took place on an American exchange as required pursuant to U.S. Supreme Court precedent in Morrison v. National Australia Bank, Ltd. (Myun-Uk Choi, et al. v. Tower Research Capital LLC, et al., No. 14-9912, S.D. N.Y., 2017 U.S. Dist. LEXIS 18174)....