NEW YORK, NY - On Tuesday, May 18, 2010, a three member arbitration panel of the National Futures Association released its ruling in favor of a futures commission merchant represented by Gekas Law LLP following an arbitration trial held from April 13-16, 2010 in New York, New York.
The arbitration involved trading in sugar futures contracts on the Intercontinental Exchange (“ICE”) by a Brazilian manufacturer/supplier, whose unauthorized trading in violation of ICE position limits caused the Exchange to take the extraordinary step of declaring a market emergency and ordering a forced liquidation of the trader’s positions spread across ten brokerage houses in the United States and England.
Gekas Law’s client, a Chicago-based FCM and wholly-owned subsidiary of a Fortune 50 company, prevailed as claimant on its affirmative claim, while simultaneously winning a complete defense verdict against the respondent’s counterclaim for $223 Million USD.