Commodities Futures Trading Comm'n v. Worth Bullion Grp. Inc., , No. 12-3372 (7th Cir. 2013)
Annotate this CaseThe U.S. Commodity Futures Trading Commission served administrative subpoenas on Worth, a precious metal wholesaler, Mintco, a precious metal dealer, and DSD, a depository that stores precious metals, seeking documents relating to purchases and sales of precious metals, in connection with its investigation into whether those companies violated the Commodity Exchange Act, 7 U.S.C. 1. The companies handed over the requested documents, but redacted the names and contact information of the individual customers, retailers, and intermediaries, asserting that they (the companies) were covered by the Right to Financial Privacy Act, which requires that customers of a “financial institution” be given notice and the opportunity to object before any disclosures, 12 U.S.C. 3401, 3402(2), 3405. The district court held that the RFPA does not apply to the companies. The Seventh Circuit affirmed, finding that the nature of the businesses is readily distinguishable from that of the other entities listed in the RFPA’s definition of “financial institution.”
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