Representation
Matt Kluchenek meets with members of the House of Representatives
• During the Summer of 2010, Matthew Kluchenek met with various members of the House of Representatives and the Senate and their staffs in an effort to advocate positions with respect to various provisions of the Dodd-Frank Act on behalf of the firm's clients.
Matt Klucheneck represents client at Congressional Hearing
In April 2010, Matthew Kluchenek represented a futures exchange, Media Derivatives, Inc., before Congress and the CFTC with respect to whether the exchange's novel products should be approved for trading. The representation included a hearing before the House Committee on Agriculture, Subcommittee on General Farm Commodities and Risk Management, as well as public hearing before the Commodity Futures Trading Commission.
Coleman v. brokersXpress, LLC, et al.
On April 28, 2010, H&L Partner Harris L. Kay argued the case of Coleman v. brokersXpress, LLC, et al. before the United States Court of Appeals for the Second Circuit. Mr. Kay appeared on behalf of the defendants, a broker-dealer, a financial services holding company, and several executives and employees of the entities. The defendants had previously prevailed on Motion to Dismiss in the United States District Court of the Southern District of New York (Judge Scheindlin).
In his appeal the pro se plaintiff argued that the District Court had erred in dismissing his employment discrimination claim on the grounds that his complaint did not plead facts sufficient to state a claim for relief that was plausible.
By Summary Order of April 30, 2010, the Second Circuit affirmed the decision of the District Court below.
REFCO Bankruptcy Appointment
Henderson & Lyman was retained by the Trustee of the Refco Bankruptcy as Special Counsel to assist in various matters. The Refco bankruptcy was, at the time of filing, the largest commodities broker bankruptcy proceeding ever. Henderson & Lyman's services for the Trustee have included the defense of claims against the estate, assisting in the resolution of exchange-related matters, and providing commodities and regulatory advice and counsel.
Refco, Inc. and the Everest Fund, L.P.
Henderson & Lyman represented the Everest Fund, L.P., a large trading fund and creditor in the bankruptcy proceeding involving Refco, Inc. (in Re: Refco, Inc., U.S. Bankruptcy Court, Southern District of New York). In this case, Everest Asset Management, Inc., the General Partner of the Everest Fund, L.P., was appointed to the official committee of unsecured creditors. A central issue in this case was whether customers of an unregulated financial institution, which is not subject to customer asset segregation rules, should be treated differently than general unsecured creditors.
Melton, et. al., v. Universal Commodity Corporation, et. al.
This case was argued by Henderson & Lyman on May 7, 2003, before the United States Court of Appeals for the Fourth Circuit in Richmond, Virginia. In the case below, a CFTC Administrative Law Judge had disregarded a settlement agreement entered into by the parties shortly before trial, convened a hearing without Respondents, and entered judgment in favor of the Complainant. Universal appealed, seeking enforcement of the settlement agreement. On August 7, 2003, the Fourth Circuit Court of Appeals vacated the judgment below and held that the underlying settlement agreement was enforceable.
Public Offerings
The Beacon Financial Futures Fund, L.P.
This single advisor public commodity pool is managed by Beacon Management Corporation, a managed futures advisory firm located in Princeton, New Jersey. Founded in 1982, the firm uses systematic trend following methods in seeking long-term returns from the global commodity and financial markets. The fund is Beacon's first public commodity pool and accepts minimum investments of $5,000 ($2,000 for IRA and qualified retirement accounts). The offering was declared effective by the SEC on May 13, 2005.