New York Judge Denies Novig Injunction, Rules Sports Contracts Not Swaps
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4 Articles
New York District Judge Denies Novig's Motion For Preliminary Injunction
U.S. District Court Southern District of New York Judge Colleen McMahon denied Novig’s motion for a preliminary injunction, concluding that the prediction market company’s contracts are not “swaps” within the meaning of the Commodity Exchange Act. Novig filed a lawsuit in August against New York Attorney General Letitia James and members of the New York … Continued
New York Judge Denies Novig Injunction, Rules Sports Contracts Not Swaps
A federal judge in New York has denied Novig’s request for a preliminary injunction against the state, ruling that the prediction market’s sports event contracts are not swaps under the Commodity Exchange Act. District Judge Colleen McMahon of the Southern District of New York issued the decision on November 10 in Ludlow Exchange LLC v. James, finding that Novig had not shown it was likely to succeed on its claim that federal law overrides New Y…
A federal judge in New York rejected Novig’s request to prevent the state from applying its laws to the platform. The ruling concludes that the sports contracts reviewed are not swaps under federal commodity law and leaves open the possibility that New York will demand a license or ban its offer.
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