NY judge denies Novig & brands CFTC action ‘collusive’
The judge’s order also criticised federal regulators for “contradictory” & “collusive” actions.
The hit
A New York federal judge has refused Novig’s bid for a preliminary injunction against state authorities, according to SBC Americas. The Southern District of New York ruling, issued Tuesday, also branded the CFTC’s conduct “contradictory” & “collusive”.
Why it matters
The ruling is a setback for Novig, which had sought to block state authorities from acting against it. That the same order takes aim at the CFTC’s own conduct suggests the regulator is not escaping scrutiny either, even as it hands Novig a loss.
The record
| Opinion length | 35 pages |
|---|---|
| Court | U.S. District Court, Southern District of New York |
What happens next
Watch for Novig’s next move, whether it appeals or seeks alternative relief, & for how other prediction-market operators facing state enforcement respond to the ruling.
Sources: How a New York judge’s decision against Novig actually scolded feds
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