Panel of judges side with PredictIt plaintiffs, grant hearing at next possible opportunity
WASHINGTON - January 18, 2023 - (Newswire.com)
A motions panel of the Fifth Circuit Court of Appeals, comprised of three judges, has denied the Commodity Futures Trading Commission's (CFTC) motion to dismiss the appeal of a case brought by more than a dozen plaintiffs, including PredictIt traders, educators, and market service provider Aristotle.
The Court decision ensures that the plaintiffs get a hearing, now scheduled for Feb. 8, 2023, in the Fifth Circuit Court of Appeals, the jurisdiction in which the lawsuit was filed.
"It is Aristotle's view that the CFTC's withdrawal of PredictIt's no-action letter in August has already hurt Traders and it threatens to do even greater harm. We are pleased that the Fifth Circuit agrees that the plaintiffs deserve their day in court as soon as possible," said David Mason, Aristotle General Counsel and former Federal Election Commission (FEC) Chairman.
After several months of inaction in a lower court, the Fifth Circuit Court of Appeals recognizes the significance of the issues at hand and the damage caused by further delays.
In the Plaintiffs Reply Brief to the Fifth Circuit on Jan. 12, plaintiffs had stated:
"Unelected bureaucrats have been vested with great power over American citizens and businesses and are protected from damages by sovereign immunity, even when they behave arbitrarily. What makes this arrangement remotely consistent with fairness and democracy is that Congress empowered courts to review agencies' momentous decisions and to pause them before they cause too much irreparable damage to the governed.
"This Court should reject the CFTC's attempt to break that balance and evade this crucial check on its power. The Court should grant an injunction, so the substantial legal questions presented on the merits will not be academic when reached, the agency already having done its worst to the citizens it governs."
Aristotle is the contract service provider for the PredictIt Market, which has operated under No-Action Relief CFTC 14-130 since 2014.
Requests for the full text of appeal documents and other press inquiries should be directed to [email protected].
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