MINPECO, S.A. v. HUNT

Nos. 81 Civ. 7619 (MEL), 82 Civ. 1318 (MEL) and 84 Civ. 7934 (MEL).

693 F.Supp. 58 (1988)

MINPECO, S.A., Plaintiff, v. Nelson Bunker HUNT, Lamar Hunt, William Herbert Hunt, International Metals Investment Co., Ltd., Sheik Mohammed Aboud Al-Amoudi, Sheik Ali Bin Mussalem, Naji Robert Nahas, Gilion Financial, Inc., Advicorp Advisory and Financial Corporation, S.A., and Mahmoud Fustok, Defendants. Ronald GORDON, Plaintiff, v. Nelson Bunker HUNT, William Herbert Hunt, Lamar Hunt, International Metals Investment Co., Ltd., Sheik Mohammet Aboud Al-Amoudi, Sheik Ali Bin Mussalem, Faisal Ben Abdullah Al Saoud, Mahmoud Fustok, Naji Robert Nahas, Bache Halsey Stuart Shields, Inc., Bache Group, Inc., Merrill Lynch, Pierce Fenner & Smith, Inc., Conticommodity Services, Inc., Conti-Capital Management, Inc., Conti-Capital Ltd., Norton Waltuch, Melvin Schnell, Gilion Financial, Inc., Banque Populaire Suisse, Advicorp Advisory and Financial Corporation, S.A., Commodity Exchange, Inc., the Board of Trade of the City of Chicago, ACLI International Commodity Services, Inc., Litardex Traders, S.A., and John Does Nos. 1 through 15, Defendants. Philip and Dorothy KORWEK, Marty Finkelstein, William L. Cohn and James G. Williams, Plaintiffs, v. Nelson Bunker HUNT, William Herbert Hunt, Lamar Hunt, International Metals Co., Ltd., Sheik Mohammet Aboud Al-Amoudi, Sheik Ali Bin Mussalem, Faisal Ben Abdullah Al Saoud, Mahmoud Fustok, Naji Robert Nahas, Bache Halsey Stuart Shields, Inc., Bache Group, Inc., (Prudential Bache Securities, Inc.), Merrill Lynch, Pierce Fenner & Smith, Inc., Conticommodity Services, Inc., Conti-Capital Ltd., Norton Waltuch, Melvin Schnell, Gilion Financial, Inc., Banque Populaire Suisse, Advicorp Advisory and Financial Corporation, S.A., Commodity Exchange, Inc., the Board of Trade of the City of Chicago, Donaldson, Lufkin & Jenrette ACLI Futures, Inc., formerly, ACLI International Commodity Services, Inc., Litardex Traders, S.A., Walter Goldschmidt, Continental Grain Co., Defendants.

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

August 25, 1988.


Attorney(s) appearing for the Case

Cole & Corette, Washington, D.C., for plaintiff Minpeco, S.A.; Mark A. Cymrot, Thomas O. Gorman, Scott Andersen, Kathy Milton, Grand & Ostrow, New York City, of counsel.

Deutsch & Frey, New York City, for plaintiffs Gordon & Korwek Class; Herbert I. Deutsch, of counsel.

Baer Marks & Upham, New York City, for defendant Commodity Exchange, Inc.; Barry J. Mandel, Thomas E. Albright, Richard Kelly, of counsel.


LASKER, District Judge.

The motion of defendant Commodity Exchange, Inc. ("Comex") for summary judgment in these actions was granted orally on the record on November 6, 1987.1 This opinion sets forth the grounds for the decision to grant summary judgment.

The following facts are not in dispute. For over fifty years, Comex has served as a commodity exchange on which its members may enter...

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