Argued case on commodities dismissed
The Supreme Court on Friday dismissed the case Klein & Co. Futures v. New York City Board of Trade (06-1265), which was being deliberated after an argument on Oct. 29. The case, granted review last May 21, sought to test whether futures commission merchants have a right to sue for losses they claim to have suffered in futures trading. The Commodity Exchange Act provides an express private right of action for actual losses in trading on a commodity futures market.
The case was dismissed under the Court’s Rule 46.1, which provides for such action when both sides in a pending case notify the Court’s Clerk in writing that they agree on dismissal. The Clerk carries out the dismissal without referring the matter to the Court. Ordinarily, Rule 46 dismissals result from agreements by the parties to settle the underlying dispute.