Commodity Futures Trading Commission v. Schor

Commodity Futures Trading Commission V. Schor

Commodity Futures Trading Commission v. Schor

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Description:
Commodity Futures Trading Commission v. Schor, 478 U.S. 833 (1986), was a case in which the Supreme Court of the United States held an administrative agency may, in some cases, exert jurisdiction over state-law counterclaims.

Background

The Commodity Exchange Act (CEA), et seq., prohibits fraudulent conduct in the trading of futures contracts. In 1974, Congress amended the Act to create a more comprehensive regulatory framework for the trading of futures contracts. To that end, Congress created an administrative agency called the Commodity Futures Trading Commission (CFTC). One of the duties assigned to the CFTC was the administration of a quasi-judicial reparations procedure by which customers of commodities brokers could seek legal redress for brokers’ alleged violations of the Act or other CFTC regulations. One of the CFTC’s regulations also provided the agency to adjudicate counterclaims “arising out of the same transaction or occurrence or series of transactions or occurrences set forth in the complaint”. The section of the statute and the CFTC regulation at issue in this case, both of which were intended to provide an inexpensive and expeditious method for the settlement of futures contract-related claims, were challenged by the customers of a broker as being violative of Article III of the United States Constitution.

Facts & procedural history

In February 1980, respondents Schor and Mortgage Services of America, Inc. filed complaints with the...
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