Commodity Futures Trading Commission v. Alexandre

Background

On August 5, 2022, the court approved the receiver’s request for $990,777.86 in fees and $5,660.42 in expenses. The court later received several letters from non-party EminiFX investors asking it to reconsider that decision. The letters were filed at Docket 93 through 104.

Court’s Action

The court ordered the clerk to strike those letters. It stated that investors who wished to intervene—formally seek permission to participate as parties in the case—had to refile their letters as motions to intervene and explain the grounds for their requested intervention. The court also stated that investors’ complaints about the receiver’s actions should be directed through the communication methods created for EminiFX investors, as described in the receiver’s application concerning supplemental procedures.

Reconsideration Standard and Ruling

The court further stated that, even if the investors’ requests had been properly presented, they failed the strict standard for reconsideration. Under that standard, relief may be granted only when there is an intervening change in controlling law, newly available evidence, or a need to correct a clear error or prevent serious injustice. The court said that although the receiver’s requested amounts might appear high, it had approved them because it found the request reasonable in light of its experience with the work performed during the covered period. The order’s express action was to direct the clerk to strike the investors’ letters.