The U.S. Supreme Court heard argument in two cases Monday on diverse topics — but both had the justices spending the majority of the timeparsing statutory language and very little time discussing policyobjectives.

In Klein & Co. Futures v. Board of Trade of the City of New York, theCourt considered whether the class of persons who can recover damagesfor losses from the Board of Trade of the City of New York in the eventthe board engages in illegal conduct includes those who process tradesas well as those who buy and sell commodity contracts.