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MERRILL LYNCH, PIERCE, FENNER & SMITH, INC. v. CURRAN

No. 80-203.

456 U.S. 353 (1982)

MERRILL LYNCH, PIERCE, FENNER & SMITH, INC. v. CURRAN ET AL.

Supreme Court of United States.

Decided May 3, 1982.

Attorney(s) appearing for the Case

Richard P. Saslow argued the cause for petitioner in No. 80-203. With him on the briefs was Douglas G. Graham. William E. Hegarty argued the cause for petitioners in No. 80-757. With him on the briefs were Maurice Mound, Charles Platto, Joseph W. Muccia, and Ruth D. MacNaughton. Gerard K. Sandweg, Jr., argued the cause for petitioners in Nos. 80-895 and 80-936. With him on the briefs for petitioner in No. 80-895 was W. Stanley Walch. Lawrence H. Hunt, Jr., Stuart S. Ball, Michael W. Davis, Donald G. McCabe, Edward J. Boyle, and Barbara A. Mentz filed briefs for petitioners in No. 80-936.

Robert A. Hudson argued the cause and filed a brief for respondents in No. 80-203. Leonard Toboroff argued the cause and filed a brief for Leist et al., respondents in Nos. 80-757, 80-895, and 80-936. Leonard M. Mendelson filed a brief for National Super Spuds, Inc., et al., respondents in No. 80-936.

Barry Sullivan argued the cause for the Commodity Futures Trading Commission as amicus curiae urging affirmance in No. 80-203. With him on the brief were Solicitor General Lee, Deputy Solicitor General Geller, Pat G. Nicolette, Gregory C. Glynn, and Mark D. Young.†

JUSTICE STEVENS delivered the opinion of the Court.

The Commodity Exchange Act (CEA), 7 U. S. C. § 1 et seq. (1976 ed. and Supp. IV),1 has been aptly characterized as "a comprehensive regulatory structure to oversee the volatile and esoteric futures trading complex."2 The central question presented by these cases is whether a private party may maintain...

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