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MANNING v. MERRILL LYNCH PIERCE FENNER & SMITH

No. 13-3693.

772 F.3d 158 (2014)

Greg MANNING; Claes Arnrup; Posiljonen AB; Posiljonen AS; Sveaborg Handel AS; Flygexpo AB; Londrina Holding Limited, Appellants v. MERRILL LYNCH PIERCE FENNER & SMITH, INC.; Knight Capital Americas, a/k/a Knight Equity Markets L.P.; UBS Securities LLC; E. Trade Capital Markets LLC; National Financial Services LLC; Citadel Derivatives Group LLC; John Does 1-10 (names being fictitious); ABC Companies (names being fictitious), jointly, severally or in the alternative, individually.

United States Court of Appeals, Third Circuit.

Filed: November 10, 2014.

Attorney(s) appearing for the Case

Neal H. Flaster, Esq. , Florham Park, NJ, Counsel for Appellants.

Brad M. Elias, Esq. , Andrew J. Frackman, Esq. , Abby F. Rudzin, Esq. , O'Melveny & Myers, New York, NY, Thomas R. Curtin, Esq. , Graham Curtin , Morristown, NJ, Counsel for Appellee Merrill Lynch Pierce Fenner & Smith Inc.

James H. Bilton, Esq. , David G. Cabrales, Esq. , Edwin R. DeYoung, Esq. , W. Scott Hastings, Esq. , Locke Lord, Dallas, TX, Joseph N. Froehlich, Esq. , Locke Lord , New York, NY, Counsel for Appellee Knight Capital Americas, L.P.

Andrew B. Clubok, Esq. , Beth A. Williams, Esq. , Kirkland & Ellis, Washington, DC, Brian M. English, I, Esq. , Tompkins, McGuire, Wachenfeld & Barry, Newark, NJ, Counsel for Appellee UBS Securities LLC.

Rebecca Brazzano, Esq. , Michael G. Shannon, Esq. , Thompson Hine , New York, NY, Jennifer S. Roach, Esq. , Thompson Hine , Cleveland, OH, Counsel for Appellee National Financial Services, LLC.

Melissa Steedle Bogad, Esq. , James S. Richter, Esq. , Winston & Strawn, Newark, NJ, Stephen J. Senderowitz, Esq. , Winston & Strawn, Chicago, IL, Counsel for Appellee Citadel Derivatives Group, LLC.

Kurt A. Kappes, Esq. , Greenberg Traurig , Sacramento, CA, David E. Sellinger, Esq. , Greenburg Traurig , Florham Park, NJ, Counsel for Appellee E. Trade Capital Markets.

Before: SMITH, VANASKIE, and SLOVITER, Circuit Judges.

OPINION

SMITH, Circuit Judge.

After the District Court denied Plaintiffs' motion to remand this case to New Jersey state court, we granted their petition for an interlocutory appeal. The issue before us is whether there is federal-question jurisdiction over Plaintiffs' state-law claims, which allege that defendants manipulated the price of a stock via abusive "naked" short sales. Short sales are subject to detailed federal regulation under Regulation SHO...

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