Chicago partner Jim Lundy discussed possible movement in an industry-impacting market manipulation case in a Crain’s Chicago Business article titled “Could a Ruling in CFTC v. DRW Finally Be in the Offing?”
The Commodity Futures Trading Commission (CFTC) had filed market manipulation charges against DRW, a noted Chicago-based proprietary trading firm, and its founder. The bench trial concluded in December 2016, and U.S. District Court Judge Richard Sullivan has been apparently working on a ruling ever since. In the interim, Judge Sullivan was nominated for a seat on the U.S. Court of Appeals for the Second Circuit. His nomination recently made progress with a supportive clearance vote by the Senate Judiciary Committee. With Judge Sullivan positively moving forward with the appointment process, he may attempt to clear pending rulings form his docket in the coming months.
Jim noted the importance of the case, observing that “When a ruling is issued it will capture everyone’s attention because of the issues involved and because of who DRW is.”