On December 28, 2007, the United States Supreme Court dismissed a case brought by Klein & Co. Futures Inc. (Klein), a futures commission merchant (FCM), against the Board of Trade of the City of New York, Inc. (NYBOT), under Section 22 of the Commodity Exchange Act (CEA), for NYBOT’s alleged failure to enforce its own rules.

The case was previously dismissed by the United States Court of Appeals for the Second Circuit on the ground that FCMs lack statutory standing under the CEA to invoke a right of action against a board of trade. The Supreme Court dismissed the case under Rule 46.1, which provides for dismissal when both parties agree to settle the dispute.