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Administrative Law Keyed to Asimow
Commodity Futures Trading Commission v. Schor
Citation:
478 U.S. 833 (1986)Facts
In February 1980, Schor and Mortgage Services of America filed complaints with the CFTC against ContiCommodity Services, a futures broker, alleging violations of the Commodity Exchange Act. Schor had an account with Conti that contained a debit balance, which Schor claimed resulted from Conti’s violations. Before receiving notice of Schor’s reparations proceeding, Conti filed a diversity action in federal court to recover the debit balance. Schor counterclaimed in the federal action and moved to dismiss or stay it, arguing that the reparations proceeding would resolve all issues. Although the District Court declined to stay or dismiss the suit, Conti voluntarily dismissed its federal court action and presented its debit balance claim as a counterclaim in the CFTC proceeding. The ALJ ruled in Conti’s favor on both Schor’s claims and Conti’s counterclaims. Only after this adverse ruling did Schor challenge the CFTC’s statutory authority to adjudicate Conti’s counterclaim. The CFTC had promulgated a regulation in 1976 allowing it to adjudicate counterclaims arising from the same transaction or occurrence as the complaint, pursuant to its broad authority under the CEA.
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