The Conway Family Trust v. Commodity Futures Trading Commission

Federal 7th Circuit Court
Civil Court
Commodity Exchange Act
Citation
Case Number: 
No. 16-3289
Decision Date: 
May 25, 2017
Federal District: 
Petition for Review, Order of Commodity Futures Trading Commission
Holding: 
Petition denied

Commission did not err in dismissing as untimely petitioner’s claim that futures commission merchant caused plaintiff to incur $3.6 million in trading losses, where said claim was filed beyond applicable two-year period for doing so. Fact that plaintiff had filed similar claim within two-year period with National Futures Assn., which referred matter to arbitration panel that found in favor of futures commission merchant, did not support petitioner’s claim that applicable limitations period was stayed pending resolution of arbitration. Moreover, fact that petitioner claimed that arbitration panel was legally wrong when rendering its decision did not otherwise entitle petitioner to prosecute claim with Commission.