EPA Repeals Obama Rule Defining Waters of the U.S.

On Thursday, September 12, EPA General Counsel Matt Leopold announced EPA’s final rule repealing the 2015 Waters of the United States (“WOTUS”) Rule. Significantly, General Counsel Leopold did not announce the final replacement WOTUS Rule, which was proposed in February of this year; the replacement rule remains at the final rule stage as EPA revises the rule in light of public comment. A recent interview with Administrator Wheeler indicates that it will be a few months before the replacement rule is finalized. The 2015 WOTUS Rule, also called the Clean Water Rule , significantly extended the...
Tags: 

The end of LIBOR: The search for a new benchmark interest rate for Project Agreements

Often referred to as “the world’s most important number”, the London Interbank Offered Rate (LIBOR) is used as the reference interest rate for a range of commercial and financial contracts worth hundreds of trillions of dollars globally. Partly as a consequence of the changing nature of financial markets, and partly as a response to high profile rate-rigging scandals, the UK’s Financial Conduct Authority announced in 2017 that it did not expect LIBOR to remain as an acceptable benchmark for the setting of interest rates beyond 2021. Industry bodies and regulators around the world are now...

CFTC v. Kraft Dispute Continues with CFTC on Defensive

Following the August 15 2019 public announcement of a settlement between the Commodity Futures Trading Commission (CFTC) and Kraft Foods Group, Inc./Mondelez Global, LLC (together “Kraft”), the parties appeared on August 19 before the Honorable John Robert Blakey on a sealed motion for contempt, sanctions and other relief filed by Kraft. This controversy stems primarily from a provision included in the Consent Order that limits the parties’ ability to talk about the case except in legal proceedings, testimony, or by court order. [1] During the hearing, the CFTC appears to have agreed to...

Long-Awaited CFTC v. Kraft Settlement Resolves Manipulation Allegations

UPDATE: The statements referenced and linked in this post have been removed from the CFTC’s public website in connection with an ongoing dispute . Today the legal battle between the Commodity Futures Trading Commission (CFTC) and Kraft Foods Group, Inc. (Kraft) over whether Kraft manipulated the wheat market in 2011 officially ended with the entering of a Consent Order in the U.S. District Court for the Northern District of Illinois. It was disclosed on March 25, 2019 that the parties reached a binding agreement, but the details have remained non-public until today. The settlement includes a...

Ninth Circuit Sides with CFTC on Scope of Anti-Manipulation Authority

Ninth Circuit Sides with CFTC on Scope of Anti-Manipulation Authority By Michael Brooks, Robert Pease, and Ryan Eletto A three-judge panel for the U.S. Court of Appeals for the Ninth Circuit recently issued a decision that revives claims by the Commodity Futures Trading Commission (CFTC) that Monex Deposit Company and two affiliates (Monex) violated the Commodity Exchange Act (CEA) by engaging in an alleged scheme to defraud investors in precious medals. CFTC v. Monex , No. 18-55815 (9 th Cir. 2019). While the opinion is expressly limited to leveraged retail commodity transactions, the CFTC...
Tags: 

Pages