CFTC judge claims colleague issued biased rulings

Commodity Futures Trading Commission (CFTC) Administrative Law Judge George H. Painter made serious allegations regarding fellow CFTC judge Bruce Levine in announcing his retirement.

In a notice sent to complainants and their attorneys, Judge Painter claims that Levine told him that he had promised former CFTC Chair Wendy Gramm “that he would never rule in a complainants favor”. Painter’s notice goes on to say, “A review of his rulings will confirm that he has fulfilled his vow.”

In the notice Painter recommends the CFTC request the services of an administrative law judge to be detailed to the Commission from another regulatory agency to handle the remain cases on his docket. Painter writes, “If I simply announced my intention to retire, the seven reparation cases on my docket would be reassigned to the only other administrative law judge at the Commission, Judge Levine. This I could not do in good conscience.”

The judge also attached a December 2000 Wall Street Journal story by Michael Schroeder titled, “If you got a beef with a futures broker, This Judge Isn’t for You—In Eight Years at the CFTC, Levine Has Never Ruled In Favor of an Investor” that details Levine’s penchant for favoring brokers over investors seeking reparations.

An attorney who handles futures litigation says that the notice “will freeze [the seven cases currently in Painter’s docket] for a considerable amount of time.

Comments
comments powered by Disqus
Check out Futures Magazine - Polls on LockerDome on LockerDome