Several investor and academic plaintiffs, many of whom reside in the Austin area served by the US District Court for the Western District of Texas, have been added to the lawsuit; seek injunctive relief

WASHINGTON – October 6, 2022 – (Newswire.com)

More than a dozen plaintiffs are now part of a legal battle to get answers from the Commodity Futures Trading Commission (CFTC) over its decision to withdraw the 2014 no-action relief that enables the popular election prediction market. PredictItto operate in the United States.

The additional plaintiffs, many of whom reside in the Austin region served by the U.S. District Court for the Western District of Texas, are both investor plaintiffs — who have event contracts related to the outcome of the 2024 presidential election — and academic plaintiffs — related to it rely on PredictIt’s anonymized data for research purposes and as part of their curriculum.

“These seven additional plaintiffs are representative of the tens of thousands of retail investors in Texas and across the country who have been hurt by the CFTC’s hasty and inexplicable decision to shut down the PredictIt marketplace.” said David Mason, general counsel to Aristotle and former chairman of the Federal Election Commission (FEC).

The amended complaint states in part:

“This case challenges the Commodity Futures Trading Commission’s decision to arbitrarily, arbitrarily, and without any legal process to revoke its license to operate the market, thereby forcing the early liquidation of dozens of contracts, thereby harming those in invest in the market, scholars who study and teach from the data produced by the market and the entities that serve the market.

… The revocation requirement to liquidate certain contracts by February 15, 2023 will result in chaotic settlement of the market.”

On September 30, 2022, a motion was filed for an injunction to continue allowing trading in existing markets while the court debated the broader issues in the…