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COMEX CLEARING ASS'N, INC. v. FLO-ARB PARTNERS

Nos. 85 Civ. 3662 (KTD), 85 Civ. 3562 (KTD).

711 F.Supp. 1169 (1989)

COMEX CLEARING ASSOCIATION, INC. as successor to John F.X. Peloso, Receiver for Volume Investors Corporation, Plaintiff, v. FLO-ARB PARTNERS, Ronny Apfel and A.R. Goldstein (a/k/a Ramy Goldstein), Defendants. FLO-ARB PARTNERS, Ronny Apfel, and Abraham Goldstein, Plaintiffs, v. VOLUME INVESTORS CORPORATION, Defendant.

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

January 27, 1989.

Attorney(s) appearing for the Case

Baer Marks & Upham, New York City (Barry J. Mandel and Allan Dinkoff, of counsel), for Comex Clearing Ass'n, Inc., substitute for John F.X. Peloso, Receiver for Volume Investors Corp.

LeBoeuf, Lamb, Leiby & MacRae, New York City (Gary Apfel and Nancy I. Ruskin, of counsel), for Flo-Arb Partners, Ronny Apfel and Abraham Goldstein.

Barrett Smith Schapiro Simon & Armstrong, New York City (William O. Purcell and Jack G. Lerner, of counsel), for receiver.

OPINION

KEVIN THOMAS DUFFY, District Judge:

I. Background

This opinion will, I hope, conclude the story of the financial collapse of Volume Investors Corporation ("Volume"). At all pertinent times, Volume was a member of the Commodities Exchange, Inc. ("COMEX"), and the Comex Clearing Association ("CCA"). Volume was also a futures commission merchant ("FCM") registered with the Commodities Futures Trading Commission ("CFTC") pursuant to...

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