Carr Investments, Inc. v. Commodity Futures Trading Commission

STAHL, Circuit Judge.

Appellants Carr Investments, Inc. and Edward Carr seek review of an order of the Commodity Futures Trading Commission reversing, as an abuse of discretion, an administrative law judge’s decision to award them attorney’s fees and costs. Because we find that the Commission’s decision was not the product of reasoned decisionmaking, we vacate its order and remand for further consideration consistent with this opinion.

I

Background

A. The Relevant Facts

In January 1992, Richard Davis opened a futures and options trading account with Carr Investments, Inc. (“CII”), a commodity…