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  • CL&M Obtains Dismissal of a Second Federal Commodities Complaint Under the U.S. Supreme Court’s Decision in Morrison

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CL&M Obtains Dismissal of a Second Federal Commodities Complaint Under the U.S. Supreme Court’s Decision in Morrison

For the second time in two weeks, CL&M counsel Judith Wallace and associate Alexander G. Malyshev, supervised by partner Gary D. Sesser, secured a dismissal of claims under §4o of the federal Commodity Exchange Act (“CEA”) in a federal lawsuit in the Southern District of New York. 
 
The 31-page decision in Loginovskaya v. Batratchenko, issued by U.S. District Judge J. Paul Oetken on March 29, 2013, confirms that the U.S. Supreme Court’s decision in Morrison v. Nat’l Austl. Bank and the Second Circuit Court of Appeals’ standard in Absolute Activist Value Master Fund Ltd. V. Ficeto for federal securities claims also apply to claims under the federal Commodity Exchange Act. The opinion extensively analyzes the application of that standard to commodities claims by a private party. The court dismissed on the grounds that the plaintiff failed to allege a “domestic” U.S. transaction and dismissed the plaintiff’s remaining state-law claims for lack of jurisdiction. 
 
Judge Oetken’s decision follows a decision by Judge Kimba Wood on March 15, 2013, in Starshinova v. Batratchenko, in which CL&M secured the dismissal of separate federal securities and commodities claims against some of the same defendants.
 
 

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