Description: Lawsuit against founder of Chicago Climate Futures Exchange for allegedly luring companies into buying trading privileges.
Barnett v. Chicago Climate Futures Exchange, LLC
Filing Date Type File Action Taken Summary 12/14/2011 Complaint Download Complaint filed. The founder of the Chicago Climate Futures Exchange, which was scheduled to close in 2012, was sued in Illinois state court for alleged fraud in luring two dozen individuals and companies into buying privileges with the environmental derivatives market. The plaintiffs alleged that founder Richard Sandor and other agents with the Exchange falsely represented that only 250 trading privileges on the Exchange would be sold, after which their holders would be able to transfer or lease them. According to the complaint, the plaintiffs paid between $5,000 and $120,000 for trading privileges.