Sometimes even the Investment Company Institute (ICI) loses a case to the regulators.

Yesterday, a U.S. district court threw out a challenge from the ICI and the U.S. Chamber of Commerce to a rule that would require mutual funds that trade in commodity futures to register as “commodity pool operators” with the Commodities Futures Trading Commission (CFTC). In a 93-page opinion, Judge Beryl A. Howell of the U.S. District Court for Washing, D.C., dismissed the ICI’s claims that the CFTC had been “arbitrary and capricious” in enacting the rule and had done so without the cost-benefit analysis the law requires.”

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