Alexander C. Drylewski of Skadden, Arps, Slate, Meagher & Flom has entered an appearance for New York Mercantile Exchange and parent company CME Group in a pending securities lawsuit. The case, filed June 14 in New York Southern District Court by Clark Smith Villazor, was filed on behalf of three investment funds which purchased carbon offset credits futures contracts, which increase in value if the United Nations limits which emissions are eligible for offset. The complaint alleges that after the UN removed eligibility for certain emissions, the defendants wrongfully changed their rules to make other emissions eligible causing the plaintiffs to lose more than $150 million. The case, assigned to U.S. District Judge Edgardo Ramos, is 1:24-cv-04562, Global Carbon Opportunity (Cayman) Fund Ltd. et al v. Cme Group Inc. et al.
Banking & Financial Services
August 07, 2024, 8:44 AM