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Additional Plaintiffs Join ‘Predictit’ Lawsuit Against CFTC
WASHINGTON - October 6, 2022 - (Newswire.com)
More than a dozen plaintiffs are now part of a lawsuit seeking answers from the Commodity Futures Trading Commission (CFTC) on their decision to withdraw No-Action Relief granted in 2014 allowing the popular election prediction market, PredictIt, to operate in the United States.
The additional plaintiffs, many of whom reside in the Austin area served by US District Court for the Western District of Texas, are both investor plaintiffs - who hold event contracts that turn on the outcome of the 2024 presidential election - and academic plaintiffs - who rely on PredictIt's anonymized data for research purposes and as part of their teaching curriculum.
"These seven additional plaintiffs are representative of the tens of thousands of small investors in Texas and throughout the country who are harmed by the CFTC's precipitous and unexplained decision to close the PredictIt market," said David Mason, Aristotle General Counsel and former Federal Election Commission (FEC) Chairman.
The amended complaint says in part:
"This case challenges the Commodity Futures Trading Commission's decision arbitrarily, capriciously, and without legally required process to revoke its permission for the Market to operate and thereby to force the premature liquidation of dozens of contracts, damaging those who invest in the Market, scholars who study and teach from the data produced by the Market, and the entities servicing the Market.
…The Revocation's command to liquidate certain contracts by February 15, 2023, will cause a chaotic wind-down of the Market."
A motion for a preliminary injunction was filed on Sept. 30, 2022 to continue to allow trading in existing markets while the court decides the broader issues in the case.
Aristotle is the contract service provider for the PredictIt Market, which has operated under No-Action Relief CFTC 14-130 since 2014.
Requests for the full text of the lawsuit and other press inquiries should be directed to [email protected].
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Contact Information:
Brandi Travis
Marketing Director
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(202) 903-4221
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Original Source: Additional Plaintiffs Join 'Predictit' Lawsuit Against CFTC
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Evolve Bank & Trust to Be Presenting Sponsor of Dixon Gallery’s ‘Art on Fire’
Evolve Bank & Trust ("Evolve"), a leading financial technology solutions provider, is proud to be the presenting sponsor for "Art on Fire," benefitting the Dixon Gallery & Gardens ("Dixon"), in Memphis, TN.
Evolve has been a proud supporter of the Dixon for several years. Situated in East Memphis, the Dixon Gallery & Gardens provides art and horticulture educational opportunities for local children of all ages. It is also a world-class art gallery with stunning gardens. The "Art on Fire" event is the single largest fundraising event of the year for the Dixon.
"Being a good neighbor means being involved in the communities we serve. The Dixon is an incredible place to visit and serves the community through art education. Evolve is proud to be a small part in keeping art alive in the Mid-South," said Scott Stafford, CEO, Evolve Bank & Trust.
"Evolve Bank has been a generous supporter of the Dixon's education and outreach programs for many years. They are a committed partner, and they help make it possible for Art on Fire to deliver thousands of experiences in the arts and horticulture to people of all ages in our community," noted Kevin Sharp, Director of the Dixon Gallery and Gardens.
Art on Fire will also feature food from local restaurants, art to buy, and a roaring bonfire. The event supports the Dixon's art and horticulture programs which include dozens of community outreach programs for over 100,000 people each year. The event will be held Oct. 22, 2022.
Tickets are on sale via the Dixon's website; Dixon.org/artonfire.
About Evolve Bank & Trust:
Evolve Bank & Trust, a technology focused financial services organization and Banking-as-a-Service ("BaaS") provider, is a best-in-class financial institution offering specialized services in Open Banking, Personal and Business Banking, Mortgage, SBA Lending, Physicians Capital, Community Funding and Trust. Evolve is recognized as a global leader in the payments industry delivering ACH, Debit/Credit Sponsorship, Card Issuance and unique technology strategies to clients around the world. Evolve has been voted a Top Workplace USA and has been named in Inc. Magazine's 5000 List of the fastest-growing private companies.
Contact Information:
Thomas Holmes Jr
SVP, Chief Marketing & Communications Officer
[email protected]
866.367.2611
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Original Source: Evolve Bank & Trust to Be Presenting Sponsor of Dixon Gallery's 'Art on Fire'