Firm Seeks Supreme Court Review in Commodities Fraud Case

Last week, the firm filed a cert. petition asking the Supreme Court to resolve a circuit conflict over the test for determining when a claim seek an impermissibly extraterritorial application of U.S. law. The question arises in the context of a class action suit under the Commodity Exchange Act. The plaintiffs have alleged that a number of banks and brokers manipulated benchmarks used in billions of dollars worth of futures contracts. The question is whether that manipulation of commodities sold on U.S. exchanges is immune from challenge because the bulk of the deceptive conduct took place abroad.