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COMPANIA de SALVADORENA, ETC. v. COMMODITIES, ETC.

No. 77 Civ. 5820.

446 F.Supp. 687 (1978)

COMPANIA de SALVADORENA de CAFE, S. A., a corporation, and Exportadora de Cafe Honduras, S. A., a corporation, Plaintiffs, v. COMMODITIES FUTURES TRADING COMMISSION and New York Coffee and Sugar Exchange, Inc., Defendants.

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

March 13, 1978.

Attorney(s) appearing for the Case

Skadden, Arps, Slate, Meagher & Flom, New York City (Michael H. Diamond, New York City, Allen Weed, Dallas, Tex., of counsel), Shank, Irwin, Conant, Williamson & Grevelle, Dallas, Tex., for plaintiffs.

Barrett, Smith, Schapiro, Simon & Armstrong, New York City, for defendants (Edmund R. Schroeder, Warren H. Colodner, Dwight E. Timbers, New York City, of counsel).

LASKER, District Judge.

On November 23, 1977, the New York Coffee and Sugar Exchange, Inc. ("Exchange"), a commodities futures trading market, exercised its emergency powers by ordering the reduction of all holdings in coffee futures contracts.1 This action was taken amid reports that some coffee producing nations were attempting to drive coffee prices up. The Commodities Futures Trading Commission...

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