IN RE STOCK EXCHANGES OPTIONS TRADING ANTITRUST

Docket Nos. 01-7371, 01-7580.

317 F.3d 134 (2003)

In re: STOCK EXCHANGES OPTIONS TRADING ANTITRUST LITIGATION Lynn S. Miller, Individually and on behalf of all others similarly situated, Mark Steinberg, individually and on behalf of all others similarly situated, Ram Yariv, individually and on behalf of all others similarly situated, Alan Haenel, individually and on behalf of all others similarly situated, Yakov Prager, individually and on behalf of all others similarly situated, Thomas P. Lynch, individually and on behalf of all others similarly situated, Mary Chiu, individually and on behalf of all others similarly situated, Harry Binder, individually and on behalf of all others similarly situated, Estate of Wanda Graham, on behalf of itself and all others similarly situated, William Thedford, individually and on behalf of all others similarly situated, Consolidated-Plaintiffs-Appellants, Robert Strougo, Esq., individually and on behalf of all others similarly situated, LSP Partners L.P., Alan Boryk, Edward Meisel, Bruce McCall, Jeffrey Broderick, Adam Edelstein, Barry Pinkowitz, Rachel Chuang, Alan Nussbaum, George Kinney, Ronald K. Drucker, Robert Dunn, Wilson N. Krahnke, Marc Seidband, John P. Abbamondi, Richard T. Devincent, I. Scott Edelstein, Lonnie B. Reiver, Ronnie A. Yarborough, Jason Silver, Elliot Braun, Plaintiffs-Appellants, v. American Stock Exchange, Inc., a New York not for profit Corp., Chicago Board Options Exchange, Inc., a Delaware not for profit Corp., Philadelphia Stock Exchange, Inc., A Delaware not for profit Corp., Pacific Exchange, Inc., a California Corporation., New York Stock Exchange, Inc., a New York not-for-profit corp., Wolverine Trading, L.P., Susquehanna Investment Group Inc., John Does 1-100, Spear, Leeds & Kellogg, L.P., a New York Limited Partnership., AMEX, CBOE, PHX, PCX, M.J.T. Securities LLC, Cole, Roesler Trading, L.P., Assets Mondial, LLC., Kodiak Capital Management, LLC., Chin Options LLC., Oppenheimer, Noonan, Weiss, L.P., Arbitrade LLC., Timber Hill L.L.C., Professional Edge Fund, L.P. Tague Securities Corp., Lakota Trading Inc., Refco Securities, Inc., Bridgeport Securities Group Co., Johnson Trading Corp., Group One Trading L.P., Beartooth Trading Inc., Cranmer & Cranmer, Inc., Goin & Co., L.L.C., Ags Specialist Partners, LETCO, Bearhunter LLC., Kalb, Voorhis & Co., LLC., Highland Securities Co., GHM, Inc., D.A. Davidson & Co., Inc., Charlton, Inc., Hull Trading Co. L.L.C., Binary Traders, Inc., Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided: January 9, 2003.


Attorney(s) appearing for the Case

Arthur R. Miller, Cambridge, Massachusetts (Bruce E. Gerstein, Stephen H. Schwartz, Jeffrey M. Lax, Garwin Bronzaft Gerstein & Fisher, New York, New York, Andrew D. Friedman, Wechsler Harwood Halebian & Feffer, New York, New York, Bernard Persky, Barbara Hart, Goodkind Labaton Rudoff & Sucharow, New York, New York, Joseph C. Kohn, Steven M. Steingard, Kohn, Swift & Graf, Philadelphia, Pennsylvania, on the brief), for Consolidated-Plaintiffs-Appellants and Plaintiffs-Appellants.

Jay N. Fastow, New York, New York (Irving Scher, Adam P. Strochak, Weil, Gotshal & Manges, on the brief), for Defendant-Appellee New York Stock Exchange, Inc.

Skadden, Arps, Slate, Meagher & Flom, New York, New York (William P. Frank, Peter E. Greene, Shepard Goldfein, New York, New York, of counsel), Howrey Simon Arnold & White, Washington, D.C. (John W. Nields, Jr., Washington, D.C., of counsel), Willkie, Farr & Gallagher, New York, New York (William H. Rooney, Ian K. Hochman, New York, New York, of counsel), and Wilmer, Cutler & Pickering, Washington, D.C. (Bruce E. Coolidge, Washington, D.C., of counsel), filed a joint brief for, respectively, Defendants-Appellees American Stock Exchange, Inc., Chicago Board Options Exchange, Inc., Philadelphia Stock Exchange, Inc., and Pacific Exchange, Inc.

H. Peter Haveles, Jr., New York, New York (Douglas I. Koff, Adam Masin, Cadwalader, Wickersham & Taft, New York, New York, on the brief), for Defendant-Appellee Timber Hill L.L.C.

Dilworth Paxson, Philadelphia, Pennsylvania (James J. Rodgers, Philadelphia, Pennsylvania, of counsel), for Defendant-Appellee Tague Securities Corp., joined the brief of Defendant-Appellee Timber Hill L.L.C.

David Bohan, Chicago, Illinois (Michael D. Richman, Sachnoff & Weaver, Chicago, Illinois, Scott M. Hines, Michael J. Grudberg, Stillman & Friedman, New York, New York, on the brief) for Defendant-Appellee LETCO.

Piper Marbury Rudnick & Wolfe, New York, New York (Douglas A. Rappaport, New York, New York, Leonard L. Gordon, Washington, D.C., Christopher J. Barber, Nancy L. Hendrickson, Chicago, Illinois, of counsel) filed a brief for Defendant-Appellee D.A. Davidson & Co., Inc.

Fineman & Bach, Philadelphia, Pennsylvania (Steven R. Waxman, Philadelphia, Pennsylvania, of counsel), for Defendant-Appellee Binary Traders, Inc., joined the brief of Defendant-Appellee Timber Hill L.L.C.

Charles A. James, Assistant Attorney General, Washington, D.C. (John M. Nannes, Deputy Assistant Attorney General, Catherine G. O'Sullivan, David Seidman, Attorneys, United States Department of Justice, Washington, D.C., of counsel), filed a brief for Amicus Curiae United States in support of Appellants.

Daniel J. Popeo, Washington, D.C. (Richard A. Samp, Washington, D.C., of counsel), filed a brief for Amicus Curiae Washington Legal Foundation in support of Defendants-Appellees.

Before: KEARSE and JACOBS, Circuit Judges, and JONES, District Judge.


KEARSE, Circuit Judge.

Plaintiffs in these class action suits, which were consolidated for pretrial purposes in the United States District Court for the Southern District of New York, appeal from a judgment of that court, Richard Conway Casey, Judge, dismissing their claims that the conduct of defendants American Stock Exchange, Inc. ("AMEX"), et al., in restricting stock-exchange listings of certain securities for options trading violated § 1 of...

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