LANIER v. BATS EXCHANGE, INC.

Docket No. 15-1683 August Term, 2015 Docket No. 15-1693, Docket No. 15-1700.

838 F.3d 139 (2016)

Harold R. LANIER, on behalf of himself individually and on behalf of others similarly situated, Plaintiff-Appellant, v. BATS EXCHANGE, INC., Bats Y-Exchange Inc., Chicago Board Options Exchange Inc., Chicago Stock Exchange Inc., EDGA Exchange Inc., EDGX Exchange Inc., International Securities Exchange, LLC, NASDAQ OMX BX Inc., NASDAQ OMX PHLX LLC, The Nasdaq Stock Market, LLC, National Stock Exchange, Inc., New York Stock Exchange LLC, NYSE ARCA Inc., NYSE MKT LLC, Defendants-Appellees. Harold R. Lanier, on behalf of himself individually and on behalf of others similarly situated, Plaintiff-Appellant, v. Bats Exchange, Inc., Bats Y-Exchange Inc., Chicago Board Options Exchange Inc., Chicago Stock Exchange Inc., EDGA Exchange Inc., EDGX Exchange Inc., International Securities Exchange, LLC, NASDAQ OMX BX Inc., NASDAQ OMX Group, Inc., NASDAQ OMX PHLX LLC, The Nasdaq Stock Market, LLC, National Stock Exchange, Inc., New York Stock Exchange LLC, Nyse Arca Inc., Nyse Mkt LLC, Defendants-Appellees. Harold R. Lanier, on behalf of himself individually and on behalf of others similarly situated, Plaintiff-Appellant, v. Bats Exchange, Inc., Box Options Exchange LLC, C2 Options Exchange, Incorporated, Chicago Board Options Exchange Inc., International Securities Exchange, LLC, ISE Gemini, LLC, Miami International Securities Exchange, LLC, NASDAQ OMX BX Inc., NASDAQ OMX PHLX LLC, The Nasdaq Stock Market, LLC, NYSE ARCA Inc., NYSE MKT LLC, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided: September 23, 2016.


Attorney(s) appearing for the Case

MICHAEL T. LEWIS, SR. ( Pauline Shuler Lewis , on the brief), Lewis and Lewis, Oxford, Mississippi, for Plaintiff-Appellant.

DOUGLAS R. COX ( Scott P. Martin , Michael R. Huston , Alex Gesch , on the brief), Gibson, Dunn & Crutcher LLP, Washington, D.C., for Defendants-Appellees NASDAQ OMX BX Inc., NASDAQ OMX Group, Inc., NASDAQ OMX PHLX LLC, and The Nasdaq Stock Market, LLC.

Douglas W. Henkin , Baker Botts LLP, New York, New York, for Defendants-Appellees New York Stock Exchange LLC, NYSE ARCA Inc., and NYSE MKT LLC.

Paul E. Greenwalt, III , Schiff Hardin LLP, Chicago, Illinois for Defendants-Appellees C2 Options Exchange, Incorporated and Chicago Board Options Exchange, Inc.

Seth L. Levine and Christos G. Papapetrou , Levine Lee LLP, New York, New York, for Defendant-Appellee Chicago Stock Exchange Inc.

Charles E. Dorkey, III , Dentons US LLP, New York, New York, for Defendant-Appellee National Stock Exchange, Inc.

James A. Murphy and Theodore R. Snyder , Murphy & McGonigle, P.C., New York, New York, Joseph Lombard , Murphy & McGonigle, P.C., Washington, D.C., for Defendants-Appellees BATS Exchange, Inc., BATS Y-Exchange, Inc., EDGA Exchange Inc., EDGX Exchange Inc., ISE Gemini, LLC, and International Securities Exchange, LLC.

Michael D. Blanchard and Christopher Wasil , Morgan, Lewis & Bockius LLP, Hartford, Connecticut, for Defendant-Appellee Box Options Exchange LLC.

David John Ball , Michael Craig Hefter , and Mark N. Mutterperl , Bracewell & Guiliani LLP, New York, New York, for Defendant-Appellee Miami International Securities Exchange, LLC.

Before: CABRANES, LIVINGSTON, and LYNCH, Circuit Judges.


Plaintiff-Appellant Harold Lanier subscribes to data feeds through which the Defendants-Appellees Securities Exchanges ("the Exchanges") provide information about securities traded on the Exchanges to an exclusive securities information processor ("Processor") pursuant to a plan approved by the Securities and Exchange...

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