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  • Gary Sesser Quoted in the Trade Journal Electrical Distributor Regarding CL&M’s Recent Victories in Two Commodities Law Cases in the Southern District of New York

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Gary Sesser Quoted in the Trade Journal Electrical Distributor Regarding CL&M’s Recent Victories in Two Commodities Law Cases in the Southern District of New York  

Litigation partner Gary D. Sesser was quoted in the “Commodities Law in the News” column of July 13 issue of the trade journal Electrical Distributor.  The column focused mainly on the March 2013 decision in Ludmila Loginovskaya  v. Oleg Batratchenko and another  judge’s ruling in a similar case brought against the same defendants, international hedge funds marketed in Russia to Russian investors. 
 
“The decisions “redefine[d] the applicability of federal commodities law to international financial transactions,” explained lawyers at Carter Ledyard & Millburn, a Wall Street firm that prevailed in both cases. “In effect, the extraterritorial reach of U.S. law is being further reduced, which is in step with recent Supreme Court decisions.  The New York decisions employed reasoning used in the Supreme Court decision Morrison v. Nat’l Austl. Bank, Ltd. [130 S.Ct. 2869 (2010)], which said unless Congress explicitly intended for a statute to have extraterritorial effect, it was presumed not to.”
 
“This is part of a trend of U.S. law being applied more narrowly or our courts entertaining a more narrow classification of cases,” said Sesser, who added, “In the past, there was a vacuum to be filled and that vacuum is no longer there, so maybe the Supreme Court is saying we are pulling in our horns in terms of applicability of U.S. law because other countries have their own laws. That’s my theory.”
 
The Loginovskaya decision is presently on appeal in the Second Circuit.

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