31 Cited authorities

Merrill Lynch, Pierce, Fenner Smith v. Curran
456 U.S. 353 (1982) Cited 570 times
Holding that congressional amendment of the Commodity Exchange Act that was silent on the subject of private judicial remedies did not overturn federal court decisions routinely and consistently recogniz[ing] an implied private cause of action"
Dunn v. Commodity Futures Trading Comm'n
519 U.S. 465 (1997) Cited 116 times
Rejecting an interpretation of the Treasury Amendment that would have left it "without any significant effect at all" because "legislative enactments should not be construed to render their provisions mere surplusage."
In re Bernard L. Madoff Investment Securities LLC
654 F.3d 229 (2d Cir. 2011) Cited 158 times 4 Legal Analyses
Affirming the use of Trustee's proposed Net Investment Method, endorsed in Antecedent Debt Decision
Commodity Futures Trading Commission v. Noble Metals International, Inc.
67 F.3d 766 (9th Cir. 1995) Cited 144 times
Holding that scienter is established when defendants act intentionally or with "careless disregard"
Leist v. Simplot
638 F.2d 283 (2d Cir. 1980) Cited 103 times
Holding that a private right of action under the Commodity Exchange Act was a new remedy in addition to older remedies
Grede v. FCStone, LLC
746 F.3d 244 (7th Cir. 2014) Cited 33 times 1 Legal Analyses
Holding that various pre- and post-petition transfers were not avoidable
In re New Times Securities Services, Inc.
463 F.3d 125 (2d Cir. 2006) Cited 41 times
Finding a claimant must make a showing of customer status on a transaction-by-transaction basis
Commodity Futures Trading Com'n v. Zelener
373 F.3d 861 (7th Cir. 2004) Cited 31 times 3 Legal Analyses
Finding that few of BCG's customers paid in full during two-day period or took delivery and that AlaronFX rolled the transactions forward two days at a time
In re Olympic Natural Gas Co.
294 F.3d 737 (5th Cir. 2002) Cited 30 times 1 Legal Analyses
Concluding that the Bankruptcy Code divides the commodities market into only two categories: on-exchange futures transactions [commodities contracts] and off-exchange forward contracts
S.E. C. v. F. O. Baroff Company, Inc.
497 F.2d 280 (2d Cir. 1974) Cited 75 times
Holding that that claimant who had lent shares to brokerage firm in order to help it out of a cash bind, who did not have an open account with the firm, who did not receive benefits of loan secured by the stock, and who did not intend to use the stock as collateral for margin purchases was not a `customer' within meaning of the Act and thus was not entitled to its protection
Section 101 - Definitions
11 U.S.C. § 101 Cited 26,773 times 214 Legal Analyses
Defining "securities clearing agency" by reference to the Securities Exchange Act of 1934
Section 78bb - Effect on existing law
15 U.S.C. § 78bb Cited 907 times 30 Legal Analyses
Adopting definition of "covered security" found in paragraphs and of section 18(b) of the Securities Act of 1933
Section 766 - Treatment of customer property
11 U.S.C. § 766 Cited 109 times 1 Legal Analyses
Defining customer property and ordering its distribution to customers of the debtor
Section 761 - Definitions for this subchapter
11 U.S.C. § 761 Cited 79 times 3 Legal Analyses
Defining "commodity contract"
Section 78lll - Definitions
15 U.S.C. § 78lll Cited 73 times 6 Legal Analyses
Defining “customer property,” in relevant part, as “cash and securities ... received, acquired, or held” by the broker-dealer “for the securities accounts” of customers
Section 767 - Commodity broker liquidation and forward contract merchants, commodity brokers, stockbrokers, financial institutions, financial participants, securities clearing agencies, swap participants, repo participants, and master netting agreement participants
11 U.S.C. § 767 Cited 42 times
Pertaining to a chapter XI proceeding
Section 762 - Notice to the Commission and right to be heard
11 U.S.C. § 762 Cited 35 times
Entitling the CFTC to appear and be heard in any commodity broker liquidation case covered by 11 U.S.C. §§ 761 –767
Section 561 - Contractual right to terminate, liquidate, accelerate, or offset under a master netting agreement and across contracts; proceedings under chapter 15
11 U.S.C. § 561 Cited 28 times 4 Legal Analyses
In section 561(d), applying section 546(e) in chapter 15 cases, Congress limited comity in chapter 15 cases by limiting avoidance powers to the same extent as in cases under chapter 7 or 11 even if foreign avoidance claims would otherwise permit recovery on different terms.
Section 764 - Voidable transfers
11 U.S.C. § 764 Cited 21 times
(a) Except as otherwise provided in this section, any transfer by the debtor of property that, but for such transfer, would have been customer property, may be avoided by the trustee, and such property shall be treated as customer property, if and to the extent that the trustee avoids such transfer under section 544, 545, 547, 548, 549, or 724(a) of this title. For the purpose of such sections, the property so transferred shall be deemed to have been property of the debtor, and, if such transfer
Section 562 - Timing of damage measurement in connection with swap agreements, securities contracts, forward contracts, commodity contracts, repurchase agreements, and master netting agreements
11 U.S.C. § 562 Cited 21 times 1 Legal Analyses
(a) If the trustee rejects a swap agreement, securities contract (as defined in section 741), forward contract, commodity contract (as defined in section 761), repurchase agreement, or master netting agreement pursuant to section 365(a), or if a forward contract merchant, stockbroker, financial institution, securities clearing agency, repo participant, financial participant, master netting agreement participant, or swap participant liquidates, terminates, or accelerates such contract or agreement
Section 30.7 - Treatment of foreign futures or foreign options secured amount
17 C.F.R. § 30.7 Cited 12 times
(a)General. Except as provided in this section, a futures commission merchant must at all times maintain in a separate account or accounts money, securities and property in an amount at least sufficient to cover or satisfy all of its obligations to 30.7 customers denominated as the foreign futures or foreign options secured amount. In computing the foreign futures or foreign options secured amount, a futures commission merchant may offset any net deficit in a particular 30.7 customer's account against
Section 190.10 - Current records during business as usual
17 C.F.R. § 190.10 Cited 1 times
A person that is a futures commission merchant is required to maintain current records relating to its customers' accounts, including copies of all account agreements and related account documentation, and "know your customer" materials, pursuant to §§ 1.31 , 1.35 , 1.36 , and 1.37 of this chapter, which may be provided to another futures commission merchant to facilitate the transfer of open commodity contracts or other customer property held by such person for or on behalf of its customers to the

Moore Capital Management, LP v. Lehman Brothers Inc.

31 Cited authorities

Holding that congressional amendment of the Commodity Exchange Act that was silent on the subject of private judicial remedies did not overturn federal court decisions routinely and consistently recogniz[ing] an implied private cause of action"

Rejecting an interpretation of the Treasury Amendment that would have left it "without any significant effect at all" because "legislative enactments should not be construed to render their provisions mere surplusage."

Affirming the use of Trustee's proposed Net Investment Method, endorsed in Antecedent Debt Decision

Holding that scienter is established when defendants act intentionally or with "careless disregard"

Holding that a private right of action under the Commodity Exchange Act was a new remedy in addition to older remedies

Holding that various pre- and post-petition transfers were not avoidable

Finding a claimant must make a showing of customer status on a transaction-by-transaction basis

Finding that few of BCG's customers paid in full during two-day period or took delivery and that AlaronFX rolled the transactions forward two days at a time

Concluding that the Bankruptcy Code divides the commodities market into only two categories: on-exchange futures transactions [commodities contracts] and off-exchange forward contracts

Defining "securities clearing agency" by reference to the Securities Exchange Act of 1934

Adopting definition of "covered security" found in paragraphs and of section 18(b) of the Securities Act of 1933

Defining customer property and ordering its distribution to customers of the debtor

Defining "commodity contract"

Defining “customer property,” in relevant part, as “cash and securities ... received, acquired, or held” by the broker-dealer “for the securities accounts” of customers

Pertaining to a chapter XI proceeding

Entitling the CFTC to appear and be heard in any commodity broker liquidation case covered by 11 U.S.C. §§ 761 –767

In section 561(d), applying section 546(e) in chapter 15 cases, Congress limited comity in chapter 15 cases by limiting avoidance powers to the same extent as in cases under chapter 7 or 11 even if foreign avoidance claims would otherwise permit recovery on different terms.