Last Friday a group of 24 traders filed a lawsuit in Cook County Illinois over the latest move by the CME Group over market times. However, CME Group attorneys had the case move to a U.S. District Court on the grounds that the jurisdiction is wider and involved the U.S. Commodities Exchange Act.
The latest move, which took effect with little issue on Monday, synched settlement times for the pit with the electronic trade that runs from 5 p.m. to 2 p.m. each overnight/day.
According to a posting by the Linn Group through the FarmFuturesMarketCenter, lawyers for CME Group say the lawsuit filed by the traders should have been filed in Federal court and not in the Illinois court. The report also says the judge will rule on jurisdiction but it would take some time for that to happen.
Bloomberg reports that parties in the case are due back in court on Aug. 14, though the district court judge could issue a ruling on jurisdiction before the. See the original story.
The case, which started in a Chancery Court in Cook County is now named McKerr v. The Board of Trade of the City of Chicago and filed in U.S. District Court, Northern District of Illinois.