The CFTC Files Opposition to DRW and Wilson Motion for Reconsideration of Order Denying Summary Judgment

On October 27, the CFTC filed an opposition to defendants DRW Investments, LLC and Donald R. Wilson’s motion for reconsideration of the September 30 decision denying summary judgment in the U.S. District Court for the Southern District of New York.  In its opposition, the CFTC argues that the defendants’ motion does not meet the high standard for reconsideration.  According to the CFTC, the defendants do not identify any new law or new evidence in support of their motion, nor do they identify any decisions or matters that the court actually overlooked.  Therefore, the CFTC requests that the court reject the defendants’ attempt to repeat the same arguments they made in their summary judgment briefings (i.e., that the alleged bidding strategy based on the defendants own subjective estimate of fair value is per se legitimate and thus insulates them from liability for manipulation as a matter of law).