In re Term Commodities Cotton Futures Litig., 12-cv-5126 (ALC) (KNF) (S.D.N.Y.)
On December 20, 2013, the Honorable Andrew L. Carter, Jr. issued a fifty-three page Memorandum and Order denying Defendants’ motion to dismiss Plaintiffs’ class action claims alleging manipulation and aiding and abetting manipulation in violation of the Commodity Exchange Act, 7 U.S.C. §1 et seq. (“CEA”) and price fixing and monopoly in violation of Sections 1 and 2 of the Sherman Act. In denying the motions, the Court found that Plaintiffs plausibly alleged that Defendants, who are by far the largest cotton merchant operation in the United States, intended to manipulate the prices of cotton futures contracts and cotton on-call contracts between March 30 and July 7, 2011.
Lovell Stewart is sole lead counsel for the Class in this action, and Christopher Lovell successfully argued against the motion to dismiss the foregoing claims. Contact Christopher M. McGrath, Esq. (CMcGrath@lshllp.com) or Amanda N. Miller, Esq. (AMiller@lshllp.com).