On May 3, 1982, the Supreme Court decided Curran v. Merrill Lynch, Pierce, Fenner & Smith, Inc. The Court answered the question o fwhether there was a private right of action for violations of the Commodity Exchange Act by holding that there was an implied right of action. In Curran, the CFTC had argued that a private right of action strengthens the enforcement and regulatory mechanisms already in place. The Court apparently found this to be a persuasive argument. Whether a private right of action will have the desired effect remains to be seen.
Marshall J. Nachbar,
Contract Market Self-Regulation under the Commodity Exchange Act,
31 Clev. St. L. Rev.
available at http://engagedscholarship.csuohio.edu/clevstlrev/vol31/iss4/3