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Grossman v. Citrus Association of the New York Cotton Exchange, Inc.

742 F. Supp. 843 (1990)

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Grossman v. Citrus Association of the New York Cotton Exchange, Inc.

United States District Court for the Southern District of New York
742 F. Supp. 843 (1990)

  • Written by Brett Stavin, JD

Facts

Gerald Grossman d/b/a Commodity Traders Weather Service (Grossman) (plaintiff), a commodities-trading advisor, had short positions in futures contracts for frozen-concentrate orange juice (FCOJ), holding such positions both on behalf of himself and his clients. The FCOJ futures contracts traded on the Citrus Associates of the New York Cotton Exchange, Inc. (Citrus Exchange) (defendant). The price of FCOJ futures was heavily influenced by the weather and temperatures in Florida, especially any reports regarding whether there would be a winter freeze during the months of December, January, and February. From December 12 through December 17, 1985, the market for FCOJ futures experienced high trading volume and significant price changes. Based on rumors of a winter freeze driven by certain weather forecasts, the price of FCOJ futures rose. At the time Grossman covered his short positions, the price was higher than when he had sold the futures, resulting in Grossman losing his own money and that of his investors. The winter freeze never occurred. Grossman filed a lawsuit against the Citrus Exchange, claiming that the Citrus Exchange should have limited or halted trading in FCOJ futures and that its failure to do so caused Grossman and his investors to lose money.

Rule of Law

Issue

Holding and Reasoning (Haight, J.)

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