Bailey McCann, Opalesque New York:
In March, two different federal judges in the Southern District of New York ruled on two cases that have redefined how federal commodities law is applied to international financial transactions. The rulings will change the way commodities transactions are examined, and significantly narrow the scope of how they can be applied. In both cases - Starshinova v. Batratchenko, -- F. Supp. 2d --, 2013 WL 1104288 (S.D.N.Y., Mar. 15, 2013) (Judge Kimba M. Wood) and Loginovskaya v. Batratchenko, 12-cv-0336, 2013 WL 1285421 (S.D.N.Y., Mar. 29, 2013) (Judge J. Paul Oetken), defendants were represented by attorneys for Carter Ledyard & Milburn LLP. Opalesque spoke with the attorneys involved to learn more about how the rulings could potentially effect cases already in the pipeline and beyond.
The rulings are notable as they provide a framework around another Supreme Court decision involving financial transactions. In 2010, the Supreme Court affirmed in Morrison v. Natíl Austl. Bank, Ltd. that US law can only apply inside the United States. That case included an Australian banking firm. Since then, the boundaries of this ruling have largely been defined by the Second Circuit court in New York, as the bulk of financial transaction related litigation tends to be brought in Manhattan.
Shortly after Morrison v. Natíl Austl. Bank, Ltd., the Second Circuit ruled on another case, Absolute Activist Value Master Fund L......................
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