News & Analysis as of

Commodity Exchange Act (CEA) Extraterritoriality Rules

Kramer Levin Naftalis & Frankel LLP

Second Circuit Rules That a Foreign Defendant Who Lives Abroad and Is Charged With Having Committed Crimes From Her Home Country...

In a significant decision, a panel of the Second Circuit recently held that a French citizen who was charged with violating the Commodity Exchange Act (CEA) in connection with the LIBOR scandal, but who lives in France and...more

A&O Shearman

Second Circuit Holds That Commodities Exchange Act Antifraud And Private Right Of Action Provisions Do Not Apply...

A&O Shearman on

On August 29, 2019, the United States Court of Appeals for the Second Circuit affirmed the dismissal of an action under the Commodities Exchange Act (“CEA”) alleging that defendants manipulated the foreign benchmark for the...more

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden's 2019 Insights: Significant Regulatory, Jurisdictional and Enforcement Challenges Ahead for CFTC

In 2018, the Commodity Futures Trading Commission (CFTC or Commission) began operating with a full complement of five commissioners for the first time since 2014. Soon thereafter, it held a rare open meeting to propose major...more

Orrick, Herrington & Sutcliffe LLP

Securities Law/Commodities Exchange Act (CEA) - The World in U.S. Courts: Summer-Fall 2018

Giunta v. Dingman, US Court of Appeals for the Second Circuit, June 19, 2018 - As relevant here, plaintiff Erik Gordon sued Dingman in New York, alleging that Dingman violated US securities laws in connection with his sale...more

Kelley Drye & Warren LLP

Second Circuit Extends Application of U.S. Securities Laws to Foreign Trades Matched on U.S.-Based Electronic Trading Platform

As securities trading goes global, increasingly complex questions arise as to the extraterritorial application of U.S. securities laws. In Myun-Uk Choi v. Tower Research Capital LLC, 2018 U.S. App. Lexis 12122 (2d Cir. Mar....more

A&O Shearman

Second Circuit Finds Commodity Exchange Act Claims Based On Korea Exchange Futures Contracts Adequately Pleaded Under Morrison's...

A&O Shearman on

In a March 29, 2018 decision, amended on May 9, 2018, the United States Court of Appeals for the Second Circuit vacated the dismissal of claims against defendants Tower Research Capital LLC (a New York based high-frequency...more

Skadden, Arps, Slate, Meagher & Flom LLP

Southern District Decision Dismisses Commodity Exchange Act Claims Based on Morrison

The U.S. District Court in the Southern District of New York recently dismissed a class action lawsuit alleging, among other claims, that a large number of entities and individuals in the market for producing, refining and...more

Orrick, Herrington & Sutcliffe LLP

The World in US Courts: Orrick's Quarterly Review of Decisions Applying US Law to Global Business and Cross-Border Activities

Alien Tort Statute (ATS)/Political Question Doctrine/Foreign Sovereign Immunity Act (FSIA)/ Act of State Doctrine - District Court Dismisses ATS Claim Where Alleged Conduct in US was not Directly Linked to Injuries...more

Orrick, Herrington & Sutcliffe LLP

The World in US Courts: Orrick's Quarterly Review of Decisions Applying US Law to Global Business and Cross-Border Activities

Alien Tort Statute (ATS)/Torture Victims Protection Act (TVPA)/Anti-Terrorism Act (ATA) - District Court Dismisses ATS Claim Where Alleged Conduct in US Was Not Directly Linked to Injuries Claimed in Other Countries - ...more

Orrick, Herrington & Sutcliffe LLP

The World in US Courts - Orrick's Quarterly Review of Decisions Applying US Law to Global Business and Cross-Border Activities:...

We are pleased to announce the Summer 2015 issue of The World in US Courts: Orrick's Quarterly Review of Decisions Applying US Law To Global Business and Cross-Border Activities. This issue discusses 13 new decisions that...more

Dorsey & Whitney LLP

Second Circuit Limits CEA Private Actions Based On Morrison

Dorsey & Whitney LLP on

In Morrison v. National Australia Bank Ltd., 561 U.S. 247 (2010) the Supreme Court delimited the reach of Exchange Act Section 10(b), concluding that the Section has no extraterritorial reach. Rather, the Section is confined...more

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