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Supreme Court takes cases on futures, bonds, decision retroactivity

[JURIST] The US Supreme Court [official website; JURIST news archive] granted certiorari Monday in three cases [order list, PDF] which will be heard next term. In Klein & Co. v. Board of Trade (06-1265) [docket; cert. petition, PDF] the court will consider whether "futures commission merchants," firms that handle trade on commodities markets, have standing to sue under the private losses section of the Commodity Exchange Act [text] for losses caused by the illegal manipulation of prices.

In Danforth v. Minnesota (06-8273) [docket; cert. petition, PDF], the court granted certiorari solely to decide whether state supreme courts are bound by the standard in Teague v. Lane [text] to determine whether US Supreme Court decisions apply retroactively to state court criminal cases.

Finally, in Kentucky v. Davis (06-666) [docket; cert. petition, PDF], the court will determine whether the dormant Commerce Clause is violated when states exempt their own municipal bonds from income tax, but not tax bonds issued by other states. Last year the Kentucky Court of Appeals ruled [opinion, PDF] that the discriminatory tax violated the dormant Commerce Clause, and the Kentucky Supreme Court denied review of the case. AP has more on Kentucky v. Davis. SCOTUSblog has additional coverage of the granting of the certiorari petitions.

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