The World in U.S. Courts: Summer and Fall 2016 - Securities Law/Commodities Exchange Act (CEA) | June.29.2016
The plaintiffs are individuals who claim to have been overcharged as a result of a conspiracy among the 17 global-bank defendants to manipulate foreign exchange rates.
The District Court in New York stated that the CEA, being silent as to its territorial reach, required that claims be based on transactions occurring in the territory of the U.S. In the case at bar, the Court read the complaint as alleging that the relevant transactions took place in Malaysia and Singapore, and concluded that the CEA claim should therefore be dismissed.
[Editor’s note: The Chan Ah Wah case is also addressed in the Antitrust/Foreign Trade Antitrust Improvements Act (FTAIA) section of this report.]