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January 1, 2012

CFTC asks court to dismiss position-limit lawsuit

The U.S. Commodity Futures Trading Commission asked an appeals court on Wednesday to dismiss a challenge filed by two top industry groups to the agency’s rules aimed at preventing excessive speculation in markets such as oil and gold.

The futures regulator urged the U.S. Court of Appeals for the District of Columbia Circuit to dismiss the lawsuit, saying the laws under which the rules were passed do not require the appeals court directly to review them.

“Although direct review in this court would serve the interests of judicial economy, neither the CEA (Commodity Exchange Act) nor the Dodd-Frank Act contains a direct-review statute of the type this court has required to exercise such review,” the CFTC said in its motion.

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