Waters v. International Precious Metals Corp.

MAGILL, Circuit Judge:

This appeal arises from a class action lawsuit brought by customers (the “Class”) of MultiVest Options, Inc., a commodity futures brokerage firm, against MultiVest, its parent companies, and James Grosfeld, who owned and controlled MultiVest. The lawsuit alleged that the defendants defrauded the Class by soliciting and stimulating excessive trading in commodities options. After the parties reached a settlement agreement (the “Agreement”), the Class brought suit in district court, claiming that the defendants violated the Agreement by refusing to pay Class members who…