(DOWNLOAD) "Bibbo V. Dean Witter Reynolds Inc." by Sixth Circuit U.S. Court of Appeals # eBook PDF Kindle ePub Free
eBook details
- Title: Bibbo V. Dean Witter Reynolds Inc.
- Author : Sixth Circuit U.S. Court of Appeals
- Release Date : January 05, 1998
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 62 KB
Description
Plaintiff Randy Bibbo appeals the decision of the district court granting Defendant Dean Witter's motion to dismiss Bibbo's complaint pursuant to Fed. R. Civ. P. 12(b)(6). Bibbo brought an action against Dean Witter, alleging that Dean Witter violated Ohio law when it retained interest earned from its investment of Bibbo's money (referred to as "margin money" or "margin funds"), which was kept on deposit with Dean Witter as a partial guarantee that Bibbo would meet certain obligations under an investment contract. On appeal, we must determine whether a federal regulation, 17 C.F.R. § 1.29 (1986) ("Regulation 1.29"), which permits a Futures Commodities Merchant ("FCM") such as Dean Witter to retain interest earned on customers' margin funds, pre-empts an Ohio statutory provision, O.R.C. § 1309.18 (1996), which requires payment to debtors of any profits earned from collateral held by a secured party. The district court concluded that O.R.C. § 1309.18 is pre-empted by federal law and dismissed Bibbo's complaint. For the following reasons, we AFFIRM the judgment of the district court.