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DGM Investments Inc. v. New York Futures Exchange Inc.

Allegations that board was motivated by self-interest do not support bad-faith inference.

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Judge Sweet

DGM INVESTMENTS, INC. v. NEW YORK FUTURES EXCHANGE, INC. The defendants New York Futures Exchange, Inc., Board of Trade of the City of New York, Inc., New York Clearing Corporation, and the New York Futures Exchange Settlement Committee and its Members, except for Norman Eisler (collectively, the NYBOT Defendants), have moved under Rules 12(b)(6) and 9(b), Fed. R. Civ. P., to dismiss the amended consolidated complaint of plaintiffs DGM Investments, Inc. (DGM), Triumph-Wef Venture LLC, DGM Trading Specialist Fund LLC, Triumph Futures Fund Ltd., Triumph Premier Traders Ltd., and Triumph-MM Venture Ltd. (collectively, Plaintiffs). Plaintiffs opposed this motion and moved for discovery. For the reasons set forth below, the NYBOT Defendants motion is denied for all defendants, but granted as to DGMs claims against them. It is, therefore, unnecessary to rule on Plaintiffs cross-motion for discovery.

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