JORDON v. NEW YORK MERCANTILE EXCHANGE

Nos. 79 Civ. 3157, 81 Civ. 1239 and 81 Civ. 1964.

571 F.Supp. 1530 (1983)

Lyle JORDON, Ueal Patrick, and Frank Pancerz, Plaintiffs, v. NEW YORK MERCANTILE EXCHANGE, et al., Defendants. SAM WONG & SON, INC., Plaintiff, v. NEW YORK MERCANTILE EXCHANGE, et al., Defendants. Anthony SPINALE, Plaintiff, v. NEW YORK MERCANTILE EXCHANGE, et al., Defendants.

United States District Court, S.D. New York.

September 29, 1983.


Attorney(s) appearing for the Case

Charfoos, Christensen, Gilbert & Archer, P.C., Detroit, Mich., for plaintiffs Lyle Jordon, Ueal Patrick, and Frank Pancerz; John G. Konkel, Detroit, Mich., of counsel.

Greenstone & Greenstone, Newark, N.J., for plaintiff Sam Wong & Son; Wayne D. Greenstone, Newark, N.J., of counsel.

Newman, Tannenbaum, Helpern & Hirschtritt, New York City, for plaintiff Anthony Spinale; Vincent J. Syracuse, Richard A. Miller, and Cadwalader, Wickersham & Taft, Zwerling & Zwerling, New York City, of counsel.

Cahill, Gordon & Reindel, New York City, for defendants; William E. Hegarty, Henry G. Bisgaier, Peter Leight, New York City, of counsel.

Commodity Futures Trading Com'n, Washington, D.C., amicus curiae for CFTC; Dennis A. Dutterer, General Counsel, Pat G. Nicolette, Deputy General Counsel, Kenneth M. Raisler, Deputy General Counsel, Nancy E. Yanofsky, Attorney, Washington, D.C., of counsel.

Rein, Mound & Cotton, New York City, amicus curiae for New York Cotton Exchange; Maurice Mound, New York City, of counsel.

Kirkland & Ellis, Chicago, Ill., amici curiae for Bd. of Trade of the City of Chicago; Chicago Mercantile Exchange; Coffee, Sugar and Cocoa Exchange, Inc.; Commodity Exchange, Inc.; Minneapolis Grain Exchange; New Orleans Commodity Exchange; John E. Angle, T. Webster Brenner, John H. Stassen, Chicago, Ill., of counsel.


OPINION AND ORDER

SOFAER, District Judge.

Plaintiffs in all three of these cases have sued the New York Mercantile Exchange ("Exchange"), various Exchange officers, and members of the Exchange's Board of Governors ("Board") in connection with emergency actions taken by the Exchange concerning the March, April, and May 1979 Maine-potato futures contracts. The Exchange provides facilities as well as an organizational structure for the trading of commodity...

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