Effex Capital, LLC v. National Futures Ass’n

Dist. Ct. did not err in dismissing plaintiff’s action against defendant-self regulatory organization formed under Commodity Futures Trading Commission Act, alleging that defendant denied plaintiff’s due process rights by not providing plaintiff with notice of investigation into alleged wrongdoing by one of defendant’s members or opportunity for hearing prior to publication of settlement documents pertaining to resolution of claims against member, where statements contained in settlement documents were allegedly false and defamatory with respect to certain transactions between plaintiff and member. Dist. Ct. could properly find that dismissal was proper, because plaintiff had no Bivens remedy that would allow it to have cause of action against defendant. Ct. of Appeals further observed that plaintiff may have certain administrative remedies under Commission Exchange Act, such as requesting Commodities Future Trading Commission to sua sponte review instant settlement documents. Also, plaintiff’s state-law defamation claims were preempted by Commodity Exchange Act.