Last week I traveled to Washington DC and met with the leadership of the House and Senate and House Agriuculture Committees. It was immediately evident that no other victim of the OptionSellers/INT IFStone scandal has done so.
The most disturbing meeting was with the leadership of the House Agriuculture Committee. It is clear that no constituent has contacted them. Therefore we can expect expect no help at all in the House of Representatives.
In the Senate the reception was much better. However, this is only because of my long term close personal friendship with the Chairman of the Senate Agriuculture Committee and my more recent friendship with the former Chairwoman of that Committee. CFTC jurisdiction is within the Agriuculture Committees only because I drafted the law establishing the CFTC as the young Senate General Counsel of the Senate Agriuculture Committee in 1974. Otherwise it would be under the jurisdiction of the Energy and Commerce Committees and the regulatory agency would be the SEC (see my previous blog on the late John Dingle).
These visits confirmed my belief that other victims of OptionSellers have not contacted their members of Congress. It has caused me to begin reaching out to class action law firms with experience in derivatives law. As a general rule, class action law firms have faced strong criticism because of “excessive fees” However, there is no reason that a fair fee agreement cannot be reached, especially if we use American Bar Association guidelines.
Michael R. McLeod