Legal Opinion
First Commodity Corp. Of Boston and Richard Badoian v. Commodity Futures Trading Commission, and John Ruddy
Court of Appeals for the First Circuit
Decided March 25, 1982No. 81-1245PublishedCited by 58 opinions
1Opinion of the Court
BREYER, Circuit Judge.
This case raises the issue of what “scienter” requirement, if any, the Commodity Futures Trading Commission (“CFTC” or “Commission”) must attach to its rule prohibiting fraud in the sale of foreign futures contracts in the United States. We conclude that the Commission here found that the broker committed fraud with a state of mind amounting to “recklessness,” that the record supports that finding, and that the Commodity Exchange Act, 7 U.S.C. §§ 1-24 allows the Commission to predicate liability upon that state of mind. We therefore affirm the Commission’s determination…
2Cases cited33 opinions
- Abbott Laboratories v. GardnerSupreme Court of the United States · 1967
- Ernst & Ernst v. HochfelderSupreme Court of the United States · 1976
- Chiarella v. United StatesSupreme Court of the United States · 1980
- Ford Motor Credit Co. v. MilhollinSupreme Court of the United States · 1980
- Aaron v. Securities & Exchange CommissionSupreme Court of the United States · 1980
28 more not listed; retrieve them via the Exa API.
3Cited by58 opinions
- Makor Issues & Rights, Ltd. v. Tellabs Inc.Court of Appeals for the Seventh Circuit · 2008
- Glenn Hill v. Bache Halsey Stuart Shields Incorporated, a Delaware CorporationCourt of Appeals for the Tenth Circuit · 1986
- Louis W. Wegerer and Judith A. Wegerer v. First Commodity Corporation of BostonCourt of Appeals for the First Circuit · 1984
- Evanston Bank v. Conticommodity Services, Inc.District Court, N.D. Illinois · 1985
- Drexel Burnham Lambert Inc. And David Joe Ragan v. Commodity Futures Trading Commission and Sansom Refining CompanyCourt of Appeals for the D.C. Circuit · 1988
53 more not listed; retrieve them via the Exa API.