SALOMON FOREX, INCORPORATED, Plaintiff-Appellee,
v.
Laszlo N. TAUBER, M.D., Defendant and Third Party Plaintiff-Appellant, and
Laszlo N. TAUBER, M.D. and Associates, Defendant,
v.
SALOMON BROTHERS, INCORPORATED; Salomon, Incorporated; Fred Gatling, Third Party Defendants-Appellees, and
Paul Mozer, Third Party Defendant.
The Board of Trade of the City of Chicago; Chicago Mercantile Exchange; United States of America; Futures Industry Association, Incorporated; Managed Futures Association; Foreign Exchange Committee; Commodity Futures Trading Commission; State of Idaho, Department of Finance; Nevada Securities Division of the Office of the Secretary of State, Amici Curiae.
United States Court of Appeals, Fourth Circuit.https://leagle.com/images/logo.png
Argued May 6, 1993.
Decided October 18, 1993.
Attorney(s) appearing for the Case
Joel I. Klein, Klein, Farr, Smith & Taranto, Washington, DC, argued (Richard G. Taranto, on brief), for defendant and third party plaintiff-appellant.
Eugene D. Gulland, Covington & Burling, Washington, DC, argued (William D. Iverson, Marc S. Mayerson, Eric G. Lasker, Covington & Burling, Washington, DC, Edward J. Rosen, Cleary, Gottlieb, Steen & Hamilton, New York City, on brief), for plaintiff-appellee.
Mark D. Young, John H. Stassen, Maureen A. Donley-Hoopes, Kirkland & Ellis, Washington, DC, Jerrold E. Salzman, Freeman, Freeman & Salzman, Chicago, Illinois, for Amici Curiae Chicago Bd. of Trade and Chicago Mercantile Exchange.
Joanne T. Medero, Gen. Counsel, Jay L. Witkin, Deputy Gen. Counsel, Pat G. Nicolette, Deputy Gen. Counsel, David R. Merrill, Deputy Gen. Counsel, Gracemary Rizzo, Commodity Futures Trading Com'n, Washington, DC, for amicus curiae, CFTC, on brief.
David S. Mitchell, David F. Williams, Ralph Berman, Cadwalader, Wickersham & Taft, New York City, for amici curiae, Futures Industry Ass'n and Managed Futures Ass'n, on brief.
David B. Tulchin, David M. Huggin, Richard H. Klapper, Kenneth M. Raisler, Sullivan & Cromwell, New York City, for amicus curiae, Foreign Exchange Committee, on brief.
Stuart M. Gerson, Asst. Atty. Gen., Richard Cullen, U.S. Atty., Barbara C. Biddle, Edward R. Cohen, Civ. Div., U.S. Dept. of Justice, Washington, DC, for amicus curiae, U.S., Wayne Klein, Sp. Deputy Atty. Gen./Securities Bureau Chief, State of Idaho, Boise, ID, for amici curiae, State of Idaho and Nevada Securities Div., on brief.
Before PHILLIPS, NIEMEYER, and WILLIAMS, Circuit Judges.
United States Court of Appeals, Fourth Circuit.
OPINION
NIEMEYER, Circuit Judge:
This appeal, taken from the district court's enforcement of a trading debt, squarely presents the issue of whether professional traders may individually negotiate sales of foreign currency futures and options off organized exchanges without violating the Commodities Exchange Act, 7 U.S.C. § 1, et seq. Finding that the Act is inapplicable to such trading and that there are no other defenses to enforcement of the...
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