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NYMEX: Judge Dismisses Four Of Five Counterclaims In Lawsuit By Intercontinentalexchange

Date 13/08/2003

The New York Mercantile Exchange, Inc., was informed yesterday that Judge John G. Koeltl, of the U.S. District Court Southern District of New York, yesterday dismissed, without prejudice, four of the five lawsuit counterclaims made against the Exchange by the IntercontinentalExchange (ICE).

The dismissed claims included allegations that:

  • the New York Mercantile Exchange has sought to monopolize or exert monopoly power over trading in energy futures contracts and over-the-counter energy trades
  • it has conspired with certain of its members to restrain trade
  • it has illegally tied its execution services to its clearing services
  • its efforts to deny ICE use of it settlement prices is monopolistic behavior

The claim that was not dismissed regarded an accusation of false advertising. The court ruled that the determination of that claim must await discovery.

The counterclaims by ICE were filed on January 6 in response to a copyright infringement suit filed by the New York Mercantile Exchange on November 20 regarding the use by ICE of the Exchange's settlement prices.

New York Mercantile Exchange President J. Robert Collins, Jr., said, "The court supported our position that these claims were without merit and we are confident that it will ultimately do the same on the final claim."