Legal Document

456 U.S. 353 102 Supreme Court Reporter 1825 72 United States Reports Lawyer’s Edition 2d Series KF101.8 U54 182 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC., Petitioner,v.J. Judge CURRAN and Jacquelyn L. Curran. NEW YORK MERCANTILE EXCHANGE et al., Petitioners, versus Neil LEIST, Philip Smith Incomco. CLAYTON BROKERAGE CO. OF ST. LOUIS, Petitioner, HEINHOLD COMMODITIES, INC. LEIST al. Nos. 80-203, 80-757, 80-895 80-936. Argued Nov. 2, 1981. Decided May 3, 1982. Syllabus The Commodity Exchange Act (CEA), which regulates commodity futures trading, was substantially amended by the Futures Trading Commission of 1974. Among other things, created to assume regulatory enforcement powers previously exercised Secretary Agriculture certain additional powers, that authorized grant reparations any person complaining a violation CEA or its implementing regulations committed commission merchant, floor broker, trading adviser, pool operator. But 1974 Act, like original legislation amendatory enactments, silent on subject private judicial remedies for persons injured CEA. These cases involve an action investor in contracts against his merchant broker antifraud provision CEA, three actions speculators New York Mercantile officials merchants, claiming damages resulting from unlawful price manipulation allegedly could have been prevented Exchange's own rules. In each action, after respective District Courts had ruled adversely plaintiffs, Appeals held plaintiffs implied rights under Held: A party may maintain caused Pp. 374-395. (a) Where it is clear cause part "contemporary legal context" Congress undertook comprehensive reexamination amendment 1974, fact amendments left intact provisions federal courts itself evidence affirmatively intended preserve remedy. 374-382. (b) Moreover, review legislative history enactment indicates preservation remedy indeed what intended. 382-388. (c) Purchasers sellers standing assert both types claims involved here—violation statutory prohibition fraudulent deceptive conduct designed prevent manipulation. clearly protect all traders violative statute. Since investors exchanges were contemporary context preserve, can be accountable breaching their duties enforce rules prohibiting It follows those who are participants conspiracy manipulate market also suit prove injury such violations. 388-395 622 Federal Reporter, 2nd 216 638 283, affirmed. Richard Pacific KF135 P2 Saslow, Detroit, Mich., petitioner. Robert Atlantic Hudson, respondents. Barry Sullivan, Washington, D.C., as amicus curiae, special leave Court. William E. Hegarty, City, petitioners 80-757. Gerard K. Sandweg, Jr., St. Louis, Mo., Leonard Toboroff, respondents case. Justice STEVENS delivered opinion 1 7 Code KF62 § seq. (1976 ed. Supp.IV),1 has aptly characterized "a structure oversee volatile esoteric complex."2 central question presented these whether Sixth Circuit answered affirmatively, holding CEA.3 Second gave same answer brought rules.4 2 We granted certiorari resolve conflict between decisions subsequent decision Fifth Circuit,5 we now affirm. Prefatorily, describe some aspects business, summarize scheme, outline essential facts separate cases.6 3 * Prior advent agricultural products generally sold at markets. When entire crop harvested marketed within short time-span, dramatic fluctuations sometimes severe hardship farmers processors. Some risks alleviated adoption quality standards, improvements storage transportation facilities, practice "forward contracting"—the use executory fixing terms sale advance time delivery.7 4 buyers entered into future delivery product, they arrived agreed basis judgment about expected conditions delivery. Because weather imponderables affected supply demand, normally would fluctuate before contract performed. declining meant agreement more valuable seller than covered contract; conversely, rising value buyer, not only assured but derive profit increase. 5 opportunity make result commodities motivated engage buying selling "futures contracts." speculator owned no present interest anticipated decline might agree current price, intending purchase reduced date. "short" kind loss if went up instead down. On hand, increase produce gain "long" acquired with intent take merely purpose reselling enhanced price. 6 19th century led development recognized boards trade. At standardized agreements covering specific quantities graded during specified months bought pursuant developed themselves. Necessarily fungible. For active develop, themselves therefore standard describing quantity commodity, place delivery, method payment; variable exchange single factor—the (or minimize risk loss) change speculation markets produced well-recognized benefits producers processors commodities. farmer takes position protected decline; processor Such "hedging" facilitated availability willing hedging wants avoid. speculators' participation enlarges number potential makes easier firm commitments fixed liquidity contract, upon depends, directly related amount place.8 8 Persons actually beneficiaries trading. speculators, course, opportunities this must regulated organized exchange. addition responsibilities, detailed records perform clearing function discharge offsetting long desire perform.9 operation creates employment solicit orders individual traders, brokers, actual trades behalf merchants customers. earnings operate market—the itself, clearinghouse, merchants—are financed commissions made over 9 Thus, broad sense, direct financial impact classes persons. Those interested described "hedgers";10 primary earned production processing commodity. seek taking positions called "speculators" "investors"; without participation, "simply exist."11 Finally, there manage market; participants, maximizing activity members third class whereas adversaries, respondents, investors. II 10 hazards well regulation 60 years. 1921 enacted Future 42 Statutes-at-Large 187, imposed prohibitive tax grain12 transactions consummated designated "contract market" Agriculture.13 statute unconstitutional improper exercise taxing power Hill Wallace, 259 44, 453, 66 L.Ed. 822 (1922), promptly re-enacted Grain 998, upheld commerce Chicago Board Trade Olsen, 262 1, 43 470, 67 839 (1923).14 Under legislation, principal require governors privately supervise market. Two designation governing board disseminating misleading information15 "manipulation prices cornering grain dealers operators board."16 requirement police prohibitions information manipulating our law ever since. 11 1936 changed name enlarged coverage include commodities,17 added regulating contracts. ch. 545, 49 1491. significant new 4b, member defrauding connection making contract,18 4a, authorizing composed Agriculture, Commerce, Attorney General fix limits permissible speculative contract.19 required registration brokers.20 12 1968 again enlarge coverage21 give authority. Feb. 19, 1968, 82 26. disapprove inconsistent statute,22 rules;23 suspend market24 issue cease-and-desist order25 showing market's being enforced. addition, criminal sanctions increased significantly,26 engaged subjected Secretary's authority violations regulations.27 13 extensive hearings deliberation, 88 1389. Like existing statute28 broadened coverage29 penalties provisions.30 injunctive relief,31 alter supplement rules,32 whatever deemed necessary emergency.33 retained basic practices manipulation,34 prescribetrading limits. amendments, however, did substantial changes scheme; newly Commodities powers. two remedial protection traders. 5a(11) every provide arbitration procedure settlement traders' $15,000.35 And 14 regulations, associate thereof, operator.36 This section investigate complaints and, "if warrant action," afford hearing administrative judge. Reparations review. latest 1978, 92 865, statute.37 bring parens patriae actions, seeking monetary relief orders.38 15 previous 1978 III 16 four us, allegations filed assumed true. first involves complaint customers broker. arise out malfunction Maine potatoes 1976, " 'when almost 1,000 failed deliver approximately 50,000,000 pounds potatoes, largest default country.' "39 Number 80-203 17 Respondents petitioner, registered Commission. 1973, petitioner trade deposited $100,000 finance initially profitable, losses subsequently suffered account ultimately closed. 18 commenced Eastern Michigan. They alleged mismanaged account, material misrepresentations opening management large sole generating commissions, refused follow instructions. claimed violated securities laws, state common law. 19 dismissed laws stayed proceedings pending arbitration. App. Pet. Certiorari Pages A-39 A-49. appeal, divided panel affirmed dismissal claims,40 contractual requiring submit dispute unenforceable.41 Engel, writing majority, then sua sponte noticed decided CEA:42 20 "Although does expressly right recover damages, thought exist prior Act. Consistent view, concerning continuing validity raised court below, nor appeal. Nevertheless, direction district remand avoid further delay already protracted litigation, specifically survived Act." 216, 230 (1980) (footnotes omitted). 21 Phillips dissented conclusion. 237. limited question: "Does create fraud favor customer broker?" 451 906, 101 1971, 68 293 (1981). 80-895, 80-936 22 One traded provided railroad car lot 50,000 Bangor Aroostook Railroad period 7, 25, 1976. early 1975 terminated occasions Department issued reports containing estimates total potato stocks, particularly down year. understandable consequences inducing (on expectation shortage May) demand higher cash market.43 23 To counteract increases, group entrepreneurs "short sellers" formed depress contract. conspiracy" negotiating growers association conspirators accumulate abnormally purchases excess maximum, default, necessary, commitments. flood unsold potatoes. multifaceted strategy impression plentiful. final day accumulated net 1,900 contracts, notwithstanding regulation44 limiting lawful 150 did, fact, default. 24 limit "long conspirators." Aware conspiracy, determined effects enhance pay liquidate accumulating position—at close controlled 911 contracts—and creating artificial cars period. successful tying cars, owners warehoused deliveries desiring contracts.45 25 invested contracts.46 Allegedly, manipulation, reason free forces produced. 26 Petitioners 80-757 officials. Respondents' knew, should known, conspiracies report declare emergency, shorts longs participate orderly liquidation, authorize truck measures mitigated massive defaults. 27 firms used position. knowingly participated position, doing so liquidation obviously performed.47 duty 28 late Southern York.48 After discovery, various motions, challenged plaintiffs' CEA.49 considered beyond whose benefit enacted,50 concluded intend summary recovery National Super Spuds, Incorporated Exchange, 470 F.Supp. 1257, 1259-1263 (1979). 29 reversed. majority opinion, written Friendly, adopted essentially reasoning placed greater emphasis "the Congress' awareness uniform recognition [its] them," Leist Simplot, 307 (1980), similarity statutes, securities, id., 296-299. Mansfield, dissent, reasoned pre-1974 recognizing incorrectly fair application criteria identified Cort Ash, 422 66, 78, 95 2080, 2087, 45 (1975),51 rejection claims. F.2d, 323. 30 certiorari. 450 910, 1346, 332 considering thereby respondents' injuries. IV 31 "When intends litigants support rights, far better course specify much when rights. circumstances failure do available benefited legislation." Cannon University Chicago, 441 677, 717, 99 1946, 560 32 Our approach task determining significantly, undergone change. statutes less comprehensive, applied relatively simple test determine If class, judiciary class. Texas R. company Rigsby, 241 33, 36 482, 874 (1916).52 approach, courts, following common-law tradition, regarded denial exception rather rule.53 33 Rigsby prevailed throughout most history,54 merit argument advanced violates separation-of-powers doctrine. As Frankfurter explained: 34 "Courts . organs historic antecedents them well-defined explicit authorization familiar obligations. N.O.R. Brotherhood Clerks, 281 548 [50 427, 74 1034]; Virginian System Federation, 300 515 [57 592, 81 789]; Deckert Independence Shares Corp., 311 282 [61 229, 85 189]. declared evaporate want formulated sanction. 'left matter determination,' decide appropriate light language traditional modes compel performance See Comm'rs States, 308 343, 351, 285, 288, 84 313. civil liability effectuate purposes statute, denied because authorized. Pac. [36 874]; Steele Louisville N.R. Co., 323 192 [65 226, 89 173]; Tunstall Locomotive Firemen Enginemen, 210 235, 187]; cf. De Lima Bidwell, [21 743, 1041]." Montana-Dakota Northwestern Pub. Serv. 341 246, 261-262, 71 692, 700, 912 (1951) (dissenting opinion). 35 During years 1975, occasionally recognize remedy, either general public large, express exclusive enforcement.55 While prevailed, congressional silence ambiguity insufficient protect.56 unanimously modify includes action.57 (1975), confronted claim litigant never rejecting outlined primarily focused enacting review.58 complexity legislation59 volume litigation strongly supported desirability careful scrutiny required. Ash plainly stated focus Congress." Industries, Radcliff Materials, Inc., 630, 639, 2061, 2066, 500 (1981).60 "The key inquiry Legislature." Middlesex County Sewerage Auth. Sea Clammers Assn., 453 13, 2615, 2622, 69 435 understanding comprehensively reexamined strengthened V 37 implicit scheme issue, initial enacted. More precisely, examine perception shaping reshaping.61 enacts acts logically different. need since one existed; pre-existing 38 observed "[i]t always elected representatives, citizens, know law." 696-697, 1957-58. Title IX Education Amendments 1972 included legislators construing comparable VI Civil Rights 1964 implicitly quite different even "strict approach" dictated "our evaluation context." U.S., 698-699, S.Ct., 1958. California Sierra Club, 287, 296, n.7, 1775, 1780, 39 routinely consistently collect promulgated statute.62 routine acceptance analogous Securities 1934.63 Blue Chip Stamps Manor Drug Stores, 421 723, 730, 1917, 1922, 44 539 (1975) (footnote omitted): 40 "Despite contrast Rule 10b-5 numerous carefully drawn Acts 1933 1934, 1946 Pennsylvania Rule. Kardon Gypsum 512. occasion deal until later, confirmed virtually discussion overwhelming consensus exist. Superintendent Insurance Bankers Life Cas. 404 6, n.9 [92 165, 169 n.9, 128] (1971); Affiliated Ute Citizens 406 128, 150-154 1456, 1470-72, 741] (1972). conclusion was, entirely consistent Court's J.I. Case Borak, 377 426, 432 [84 1555, 1559, 423] (1964), '[provide] action.' 41 Although existence neither old 10b-5, equally understood. Court, practitioners, simply available. point illustrated Deaktor, 414 113, 94 466, 344 (1973), disposed 9(b) engaging 5a failing manipulation.64 go forward effort invoke jurisdiction Commission, CEA.65 view absence proposition abundantly legislated Cf. context, remedy.66 persuasively trading.67 From relied regulate 1922 "provide for" filing records, prevention dissemination false reports, cornering, orders.68 fulfill conditions, them. attempted correct flaw self-regulation concept 5a(8), 7a(8), requires rules.69 coupled rise problem. representatives complained preceding amendments,70 sued enforcing taken seriously implicated premise CEA: "In few [§ 5a(8) ] growing indicate that, opposed strengthening self-regulatory law, provision, Act—may worked weaken it. With inadequate personnel Committee informed attorneys several advising reduce —not expand insure body will suits litigants." House Report, 46 (emphasis original).71 removed impediment rulemaking eliminating remedy,72 course. Rather, solved problem rules.73 corrected mechanism while preserving incentive obey Only expressed "amend strengthen trading."74 47 procedures through informal supplant substitute means compensating compliance established exchanges,75 yet infer above analysis viewed component concept. Nor suited adjudication may, not, complaint, serve respondent complaint. permits exceed $5,000. mandated narrower scope. employees procedure, trader voluntary $15,000. There indications sections witnesses supplementary.76 Indeed, urged complainants put choice actions.77 representative dollar arbitrable "economic litigation" small claims,78 Chairman Poage "new features,"79 Senator Talmadge, Senate Forestry, "not interfere way," although he hoped burden "somewhat lighten[ed]" actions.80 48 saving clause 2(a)(1) provides Along given exclusive-jurisdiction bill passed House81 functions agencies.82 concerns affected. Referring treble another McGovern introduced, Clark pointed out: "[T]he them, 201 prohibit actions. staff said done inadvertently hope Senate."83 was. providing "[n]othing shall supersede conferred State."84 Conference accepted amendment.85 inference preexisting compelling. Solicitor argues enhances fostered purporting evidenced affirmative tool.86 disapproving giving extraordinary Members concern consolidate construed affect acted swiftly dispel notion. clearer acted, unnecessary. 50 construction Legislature us "trudge factors dispositive resolved." 302, 1783 (REHNQUIST, J., concurring judgment). hold amendments. VII 51 contend event, sue complicity effected evaluate contentions, best possible case proof violations, causal injury, damages. argued how deliberate defendants' conduct, flagrant violation, harmful parties encompass 52 asserted 4b. allege manipulation.87 satisfied purchasers 53 characterization invest exclude effectively protecting necessarily conform evident text 6b, deceive defraud transactions; rather, encompasses "is transaction commodity." n.18, supra. defines character covered, fungible, manifest basing, particular speculators. words, contracts—whether pure hedgers—necessarily 4b.88 54 assumed, economy; sound tends retail underlying immediate healthy market.89 Report explained length,90 ability depends share hedger's profit. proscriptions ensure hedgers sell legitimate assumption investment opportunity. favorite Congress, crucial role effective him hedger. Friendly's history, see 304-307, amply supports observation self-evident 'especial benefit' traders," 306-307. 55 4b compels defrauded fraud, correctly accused violating framed purport confer identifiable imply sections.91 faced inquiry.92 remedy; turn once existed 56 based 4b,93 drew distinction exchange.94 causes exchanges. Deaktor case, came example.95 recognized. voiced responded because, inferred,96 wished tool 57 extent inquiry97 relevant us—whether pursued preserved noteworthy fourth answer. "consistent remedy."98 believing adequate contrary, stringent activities regulate.99 elimination clash pattern. silently withdrew exchanges.100 58 Having violations.101 regarding "privity dealing personal contact defendant plaintiff rule." 745, 1929. indication privity element CEA,102 prepared fashion limitation. action,103 unless acts, fill interstices elements liability, causation, likely raise difficult issues arising occurred 1976 question. exists petitioners. 59 judgments ordered. 61 POWELL, whom Chief Justice, REHNQUIST, O'CONNOR join, dissenting. 62 today holds five Supp.IV). rests theories. First, relies fewer dozen lower erroneously Reasoning mistaken constituted law" endorsed path error amend theory incompatible constitutional separation my logic Additionally—whether alternatively cumulatively unclear—the finds "affirmatively" manifested "preserve" adopting finding reached token deference tests discerning intent. 63 "implied" "what asserted." Transamerica Mortgage Advisors, (TAMA) Lewis, 444 11, 15-16, 100 242, 245, 146 (1981) (Sea Clammers).1 CEA—two 1936, 1968.2 argue courts. 1936—the year successor Act3—Congress federal-court CEA.4 adduces views 1968. 64 implication Congresses cases, thus indisputable claim. question" court. "Having negative, [would be] end." TAMA, supra, 24, 249. Clammers, 2622. 65 asserts fidelity principles shrinks application. instance invoking novel theory—one inaction erroneous 1967 Northern Illinois Goodman Haw. Hawai‘i KFH45 A2 Hentz 265 440 (1967). Relying set forth 286 Restatement Torts (1938), "complete Act," F.Supp., 447, decisive: 'Implied contingent evidences contrary intention. Brown Bullock, 194 207, 224, aff'd grounds, Cir., 294 415; cited Wheeldin Wheeler, 373 647 661, 662 [83 1441 1450, 605] (Brennan, dissenting).' "There allow access courts." Ibid. added). erred. inquiring system court's citation apparent, jurisdiction. establish possessed "argument tort misplaced." Touche Ross Redington, 442 560, 568, 2479, 2485, [is] [private damages] remedy." 249 ask question.5 About cases—none Court6—followed Goodman's mistake. Seven found comment.7 Three remaining cases8 quoting differing portions sentence discussing CEA's purpose.9 "leaves doubt [benefit named CEA] additionally [the enforced question." 17-18, 245-246. ignore "different question," fail rectify fundamental error—that basing principles. is, 'no law.' 640, 2067, (1981), Erie Tompkins, 304 64, 817, 822, 1188 (1938). 70 irrelevant. line wrong. rendered nevertheless reasons, presumed known progeny, ante, 378-382; it, 381-382 Yet continues, "left action." Ante, 381. inaction, concludes, signals conscious mistakenly created. 382. unexpressed "affirmative intent" binding courts.10 premises government. Fewer wrongly CEA; fails error; binds appeals. say thatGoodman decided. surely reject emphatically hold, rule interpretation, "evidences intention." today's predicated major view. surprising Court—having propounded inferred silence, achieve force law—would wish decision. 73 rewrote re-enact action. pause legislate misstated law.11 Instead least 381-382. Fairly read, sustain argument. advances kinds probative cites stating judicially offers materials citing progeny approving tones. hundreds pages preceded unable discover remark effect 75 unrelated additions places weight 8a(7), 12a(7), 384. accompanying H.R. Rep. 93-975, Page (1974), CFTC needed local safeguards. According "attorneys reduce—not ., purports approved cases. 76 quotation, neutral approval disapproval. persuasive face contemplate explicitly fines nonenforcement 13a. specifies per ibid., fine impair exchange's functions. expose evidently 77 second undercuts notes reimbursing victims violations.12 384-385. suggests why duplicative channels approve permitted Goodman.13 flatly contravenes settled identification "[I]t elemental canon where remedies, chary reading others it." 246.14 strong indicia intent, compelled conclude precisely appropriate." 15, 2623. 78 finally so-called jurisdictional amendments: 79 "Nothing State." (amending Act), 1395, codified 80 386-387. By irrelevant hand: cognizable exist, retain preserves substantive "[t]he source found, all, enforce, provision." 577, 2489. 15-17, 2626 (refusing "saving clause").15 B Despite imaginative sources, neglects unambiguous respecting That chart appears record hearings.16 compares features proposed bills "Present expert 83 detailed. occupies record. Comparing feature "civil money penalties" bills, list "implied actions" says "none." Neither reference amending bills. circumstances, fairly shown progeny. unprecedented ratification error. reflect desirable policy. so, doubly mistaken. 86 modern tend exceedingly complex. Especially intricate policy calculations structure. Judicial creation disrupt assist functioning schemes Congress. See, e.g., Universities Research Coutu, 754, 782-784, 1451, 1467-1468, 87 Today's disquieting propounds taxes branch respond opinions penalty having imputed itself—on presumptive knowledge 379. allusion lawmaking 374-377, reasons N Dec. Immigration Nationality Decisions before, remain convinced "we condone absent compelling exist." 749, 1985, (1979) (POWELL, dissenting).17 Here falls constitutionally standard. Accordingly, respectfully dissent. APPENDIX TO OPINION POWELL DISSENTING 90 HUMPHREY McGOVERN HART PRESENT 91 FEATURES 13113 S. 2485 2578 2837, COMMODITY AS AMENDED ACT 93 Permits None. $1,000 individuals $100,000. comply assessment. (Sec 212) order (Sec. 505) 96 cease desist 97 Provides 98 7) 16) order. 103 504) 104 105 106 impose 107 108 $100,000, 109 110 111 order, 112 restitution, 113 reg- 114 istration, 115 116 117 118 equity 119 120 grant. 121 406) 122 Act: Hearings 2578, 2837 Sentate 93d Cong., Sess., (1974). six enactments. 187 (1921), superseded 998 (1922). Major operative followed 1491 (1936), 26, 1389, 865. citations accordingly refer legislation. Citations date confuse entitled regulation, infra, 360-367. H.R.Rep. U.S.Code Cong. Admin.News 5843 (hereinafter Report). (1980). Accord, Merrill Lynch, Pierce, Fenner Smith, Goldman, 593 129, 133, n.7 (CA8) (dictum), cert. denied, 838, 76, (1979); Hirk Agri-Research Council, 561 96, 103, n.8 (CA7 1977). Master Commodities, Cattle Management 586 1352, 1355 (CA10 1978) (assuming exists). 283 Rivers Rosenthal 634 774 pending, 80-1542. business gleaned relating Appeals, pleadings. 33-34. n.11, infra. hedge advantages Other length 132-134. 149, states "3% delivery." Of hedger longer hedger, speculator. "Broadly speaking, fall classifications, i.e. 'trade' customers, All reach originate seeks, low cost, himself due adverse place. Speculators, embrace public, including institutions, plus scalpers unwilling accept. risks. composite bids numbers broaden market, execution minimum disturbance larger orders. increasing level, usually helps intensify Without fraternity, liquidity, badly markets, restricted materially since, host ring, many unfilled broker's inability find opposing complete match." 138. defined "wheat, corn, oats, barley, rye, flax, sorghum." 2(a) amended, ed., "It rate sales exempting regulations." 31, 475, (1923). differs very sustaining [T]he act interstate become constantly recurring obstruction commerce." Id., 32, 475. replaced conducted 999-1000, 6. 5(c) 1000, 7(c). 5(d) 1000. Section 5(d), 7(d), condition "provid[e] board." proceed violator suspending violator's privileges. 6(b) 1002, 9. misdemeanor 1003, increased. Today, 13(b) Supp. IV), pertinent part: felony punishable $500,000 imprisonment years, both, together costs prosecution, attempt commerce, corner Notwithstanding foregoing, foregoing individual, prosecution." extended cotton, rice, butter, eggs, Irish 3(a) Supp.IV)). 1493 (adding CEA). (1) correspondent, agent, employee member, make, of, made, person, (2) by-products delivering sold, shipped, received fulfillment thereof— "(A) cheat person; "(B) willfully statement enter thereof; "(C) whatsoever regard disposition agency performed respect "(D) bucket offset consent buyer person." 1492 4a 6a, "(1) Excessive causing sudden unreasonable unwarranted undue unnecessary diminishing, eliminating, preventing burden, shall, time, notice hearing, proclaim amounts diminish, eliminate, burden." 1494-1495 §§ 4d(1) 4e 6d(1) 6e thereunder lieu revoking 1500 6b 13a Livestock livestock definition 1(a) 8a(7) 12a(7)). 12(c) (9) (9)). 7a(8). "[e]nforce bylaws, rules, resolutions, thereof committee, relate executed requirements, paragraph (12) section; revoke bylaw, rule, resolution, issued, disapproved Commission." 6(a) 8(a) 31-32 33-34 6(c) 13b). I, II, IV, 1412, III, 1406, national associations. 201(b) 1395 Supp.IV)), "all goods articles services, interests presently dealt in." 212 1403-1404 6(b), 6(c), 9, 13a, 13b 211 1402 6c 13a-1). 213 1404 (replacing 215 1404-1405 8(a)(9) 12a(9)). corresponding advisers operators. 205 409 1398-1400, 1414 4n, 4o, 9(c) 6n, 6o, 13(c) 209 1401 7a(11) 1393-1395 875 "Whenever appear attorney State, administrator official State designate, residents been, being, threatened (other broker) in, constituting thereunder, enjoin practice, obtain residents, deem 872 13a-2(1) 285 (quoting 1256, 1258 (SDNY 1979)). words industry, shocked event recent years." 95-1181, (1978), 2087. 221-224. discretionary security relying Milnarik M-S 457 274 (CA7), 887, 144 maintaining 235-236. Petitioner challenge sought (quoted n. 18, supra ). August Contract rose $9.75 cwt ($.0975 pound) $19.15 ($.1915 October 1975." Complaint, 80-936, 48. Regulations 150.10(a)(1)(iii) "Because successfully tied freight Aroostook, Incomco warm 1,500,000 became rotten, Incomco's lost." 291. respondent, Incomco, March planned 44.02, "(a) month, responsibility clearinghouse obligation maturing prescribed tender, liquidating later minutes month. expiration trading." investigation, Brief 3. Substantial imposed. 330, (Mansfield, dissenting). specific, apparently defendants Supp.IV), conspirator brokers 7(d) Sections 9(b), quoted nn. 16, 23, dealer 'for especial enacted.' Dole stated, '[to protect] desires trading.' Additionally, 'are detrimental handling commodit[ies].' 1259-1260 one, relevant. 'one enacted,' 39, 484, (1916) supplied)—that plaintiff? Second, implicit, deny one? Passenger Corporation Assn. Passengers, 458, 460, 690, 693, 694, 646 (1974) (Amtrak Third, Amtrak, supra; Investor Protection Barbour, 412, 423, 1733, 1740, 263 (1975); Calhoon Harvey, 379 134, 292, 190 (1964). finally, traditionally relegated area basically inappropriate solely law? 647, 652, 1441, 1445, 605 (1963); I. 434, 1560, 423 (1964); Bivens Six Unknown Narcotics Agents, 403 388, 394-395, 1999, 2003-04, 619 400, 2006 (Harlan, judgment)." stated: "A disregard command wrongful act, results damage enacted, implied, according doctrine Com.Dig., tit. Action Statute (F), words: 'So, enacts, prohibits thing advantage, recompense wrong (Per Holt, C. Anon., Mod. 27.) maxim, Ubi jus ibi remedium. Black.Com. 51, 123; Couch Steel, E1. B1. 402, 411; L.J.Q.B. 121, 125." 39-40, 484. T. Cooley, Law 790 (2d 1888) breach way: "[W]hen manifestly individuals, duty, gives none." earlier Cooley railroad's fence right-of-way Hayes Michigan Central 228, 240, 369, 374, 410 (1884). Marbury Madison, Cranch 137, 163, (1803) (" '[I]t right, suit, whenever invaded' ") W. Blackstone, Commentaries *23); Kendall 524, 624, 1181 (1838) ("It cannot congress done; rest somewhere, often monstrous absurdity government, undeniable exist"); Pollard Bailey, Wall. 520, 527, 376 (1874) ("A action"); 374 ("[E]ach specially compensation, recovery"); 176-177, 1041 (1901) ("If admitted wrong, look remedy"). T.I.M.E. 359 464, 904, 952 (1959); Wyandotte Transportation 389 191, 379, 407 (1967); Jones Alfred Mayer 392 409, 2186, 1189 (1968); Allen Elections, 393 544, (1969); Sullivan Little Hunting Park, 396 386 128 (1971). 292-293, 1778-79, Statistics compiled Bibby, Mann, N. Ornstein, Vital 1980, compared ago, passes fewer, longer, allegation antitrust contribution. Nothing refers contribution, implication. focus, involving E.g., [451 U.S.] 1775; (1981); Congressional discerned looking factors: identity overall relief. (1975)." leaves little persuaded treated discriminatorily reasonable. Whether ultimate sense incorrect important cover employees. perceived was." GSA, 425 820, 828, 1961, 1965, 402 (1976) survive 779; Davis, Statutory Silence Not Authorization Legislation Implied Private Right Action, Mo.L.Rev. 316, 321 fully Ash. 374-377. forced 1970 fresh eggs artificially depressed monopolized restrained Sherman (CEA) charged care halt manipulative cornered July frozen pork bellies 113-114, 466 (statutory D. Schreiber 479 529, 534 1973), ruling concerned Appeals' refusal jurisdiction: intolerable diligently prevent, deter, punish rules; exposes unrestricted attacks disgruntled situation disrupt, immobilize, machinery Ricci alleviate dilemma." O.T. 73-241, 11-12. "Congress aware interpretation adopt re-enacts change, Albemarle Paper Moody, 405, 414, 8, 2362, 2370, 280 NLRB Gullett Gin 340 361, 366, 337, 340, 337 (1951); Lead 252 140, 147, 237, 239, 496 (1920); 2A Sands, Sutherland Construction 49.09 (4th 1973). So too, where, here, adopts incorporating incorporated insofar affects statute." Lorillard Pons, 434 575, 580-581, 866, 869-871, (1978). 7. S.Rep. 947, 90th 2-3 (1968), 1673. 11955 (1974); Review Discussion Possible Changes 1st (1973). introducing bill, Representative Poage, Committee, length. Cong.Rec. 41333 Thone, reiterated 10748 ("Some observers believe nonenforcement, perverse effect. authorities encouraged trading"). immunity Changes, 121. president immunity. 11955, 317 12a(7). 1389 associates, advisers, exchanges, excludes violate ("We customers' grievances procedures, pass disputes, forum issues"). 321. 13113, 415. 10737 30459. follows: "Provided, .: further, nothing herein contained [and] States. ." 205. expressions concern, 259-260 (Chairman Rodino Judiciary); 664 Talmadge). 2. Chairmen Talmadge reported conferees State. abuses areas come CFTC." 34737, 34997 Friendly extensively analyzed 307-321. restate detail. instructs curb excessive speculation. 6a. dealers, imposes fixes similar 10(b) 78j(b), Commission's 169, 9; (1975). (1979), "explained historically"; acquiesced 25-year-old 1955, 13. recognized, compare favorably implied; acquiescence 999, 5. 'where confer[s] include[s] case.' [99 1954, 560] Conversely, noted 'would persons' drafting 'with unmistakable class,' agency. 690-692 1954-55.]" 771-772, 1462-1463, originally 1934 full policed SEC. discussed [95 26] [1975], namely, here Piper Chris-Craft 430 55, 4, 926, 930, 124 (1977) (STEVENS, dissenting) original). seminal (ND Ill. 1967), (1983). "Violation prohibited actor liable invasion if: exclusively individual; invaded protect. Restatement, Torts, 286. Violation type harm mention rationale 78j thereunder. 512 (1946)." 447. 534; Booth Peavey Services, 132, 133 (CA8 1970); Seligson Produce 378 1076, 1083-1092 1974), aff'd, Miller 550 762 (CA2), 823, 68, (1977); sub nom. Arnold Bache 61, 65-66 (MD Pa.1973); Gould Barnes Brokerage 345 Tex. 1972); Johnson Arthur Espey, Shearson, Hammill 764, 766 McCurnin Kohlmeyer 1338, 1342-1343 (ED La.1972); Egg Producers Bauer International 1375, 1383-1384 Anderson Francis duPont 291 705, 710 (Minn.1968); Hecht Harris, Upham 417, 437 Rptr. (West’s) 1968), modified, 1202 (CA9 1970). case: "Darryl baron 71-1890 71-1893, alleging manipulated July, forcing injuring plaintiff, liquidated inflated prices. ground reasonable defendants." 530. 1083-1092. 382-384. centerpiece 1921. 361-362, just 'judicial legislation' withdraw continued improvise mind." 95, Notably, limitation aggrieved 18(a) "[a]ny chapter 6d, 6e, 6j 6m title accrues," file Santa Fe Green, 462, 1292, 480 Ernst Hochfelder, 185, 668 (1976); 741 observes, 377, reliance questions four-pronged inquiries seen purpose, indices recently "Congressional relief." 6a; 6b; 7a(8); 7(d); 13(b). Though 1922. 1003. authorizes (CFTC) designate (and permit upon) "provides operators" Its suggest 9(b)—as 4b—is provision. establishes felony" "any person" prices, commodities, information, omit misstate CFTC. Before prohibitions. 294, 1779, 690-693, 1954-1955, 1936. 1492, 1493. illegal buy, sell, limitations declares cheat, defraud, deceive, statements 206 Investment Advisors 1940. 80b-6. 249, traceable directs requirements. resembles 78q(a) (1970 ed.), 1934. 562, 579, 2482, 2490, structural ably summarized recounting here. evidencing knew so. 20-21, 247. observes "modify [this Court's] exemplifying quotes (1916): implied. argue, somehow validate 1967. maxim construction. function. devoted asserted. 40-43, 484-485 (asserting "unless Constitution liability") rule," 375, evidence—even aid TIME, 474, (1959) ("The intent"); 457-458, 692-693, ) goes saying otherwise ."). rev'd grounds petition "implication" question, curiam grounds. Reversing entertain [Chicago Mercantile] routed [Commodity Commission] case." 115, 467. "did CEA." exert precedential decide. case—referring matters Commission—at enjoy modified (Minn. 1968); 1970) (alternative holding); 1343 La. 1972) (by implication); Pa. 1384 1084 (CA2) (no propriety implying CEA), 534. 'is honest measure control forms too demoralize consumers themselves.' Campbell, Geo.Wash.L.Rev. 215, 223 (1958), 421, 74th (1935). line, seem Amtrak properly directed adhere 692-693. importantly, alerted remedies—and admittedly 384-385—would preclude alternative 693 ("[W]hen subsume remedies"). explain relationship 'contemporary context' [it] 1974." 381 381-382, 869-870, Here, 1974; altered language, actively readopting unchanged. 869, presumption decisions. reimbursement types. 1401. equitable [of exchange]" applies process encourage speedy resolution smaller disputes level. 1393-1394. adjudicatory settled. awarded. enforceable 18. attempting overlap points 384-385, 75. wanting compensation deterrence. opposite took prescribe compatible regulation. mode, negative mode." Botany Worsted Mills 278 282, 289, 131, (1929). 14-15, 2623, deliberately omitted strongest integrated enforcement. schemes, upset programs." Northwest Airlines, Transport Workers, 77, 97, 1571, 1583, 750 13-15, 2623; 574, 2488; 693. show reparation reviews comments allude "court" 385-386, 76-80. references, ambiguous. attaching significance heavily isolated Clark. 386. draftsman, manager, committee chairman. 204, 1386, ("Remarks debate responsible preparation weight"). thinking plausible state-court were, witnesses, appearing Clark, criticized draft clause. 663-664 (Deputy Assistant Clearwaters); 667-668 (Director Halverson Bureau Competition, Commission). portion attached Appendix opinion. discovery dreamed. escalating recourse My research—accomplished mostly computer search reporters—indicates past decade 243 statutes. discontinued chosen silent.

Classification Label: 8