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DUNN v. COMMODITY FUTURES TRADING COMM'N

No. 95-1181.

519 U.S. 465 (1997)

DUNN et al. v. COMMODITY FUTURES TRADING COMMISSION et al.

United States Supreme Court.

Decided February 25, 1997.

Attorney(s) appearing for the Case

Gary D. Stumpp argued the cause for petitioners. With him on the briefs was Adam M. Bond.

Jeffrey P. Minear argued the cause for respondents. With him on the brief for respondent Commodity Futures Trading Commission were Acting Solicitor General Dellinger, Deputy Solicitor General Kneedler, Pat G. Nicolette, Jay L. Witkin, and Gracemary Rizzo.*

Stevens, J., delivered the opinion of the Court, in which Rehnquist, C. J., and O'Connor, Kennedy, Souter, Thomas, Ginsburg, and Breyer, JJ., joined. Scalia, J., filed an opinion concurring in part and concurring in the judgment, p. 480.

Justice Stevens, delivered the opinion of the Court.

The question presented is whether Congress has authorized the Commodity Futures Trading Commission (CFTC or Commission) to regulate "off-exchange" trading in options to buy or sell foreign currency.

I

The CFTC brought this action in 1994, alleging that, beginning in 1992, petitioners solicited investments in and operated a fraudulent scheme in violation...

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