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CRAIG v. REFCO, INC.

Nos. 84 C 10900, 85 C 4335 and 85 C 0577.

624 F.Supp. 944 (1985)

William A. CRAIG, individually and on behalf of those similarly situated, Plaintiff, v. REFCO, INC., an Illinois corporation, Merrill Lynch Futures, Inc., a foreign corporation, Clayton Brokerage Company of St. Louis, a foreign corporation, and the Futures Discount Group, Inc., an Illinois corporation, Defendants.

United States District Court, N.D. Illinois, E.D.

December 20, 1985.

Attorney(s) appearing for the Case

Robert A. Holstein, Holstein, Mack and Assoc., Chicago, Ill., for plaintiff.

Thomas P. Luning, Susan R. Lichtenstein, David M. Mason, Schiff, Hardin & Waite, Chicago, Ill., for defendant Refco.

MEMORANDUM AND ORDER

MORAN, District Judge.

As an investor in the commodities market, plaintiff challenges his futures contract brokers' practice of retaining the interest made by investing plaintiff's margin funds. Plaintiff claims that because section 4(d) of the Commodity Exchange Act (the Act), 7 U.S.C. § 6d, treats such money as belonging to the customer, any interest accrued on such money also belongs to the customer. Defendants argue that while...

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