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CITY OF PROVIDENCE, RI v. BATS GLOBAL MARKETS

No. 15-3057-cv August Term, 2016.

878 F.3d 36 (2017)

CITY OF PROVIDENCE, RHODE ISLAND, Employees' Retirement System of the Government of the Virgin Islands, Plumbers and Pipefitters National Pension Fund, Lead Plaintiffs-Appellants, State-Boston Retirement System, Plaintiff-Appellant, Great Pacific Securities, on Behalf of Itself and All Others Similarly Situated, Plaintiff, American European Insurance Company, James J. Flynn, Harel Insurance Company Ltd., Dominic A. Morelli, Consolidated-Plaintiffs, v. BATS GLOBAL MARKETS, INC., Chicago Stock Exchange Inc., Direct Edge ECN, LLC, NYSE Arca, Inc., NASDAQ OMX BX Inc., New York Stock Exchange LLC, Nasdaq Stock Market, LLC, Defendants-Appellees, Barclays Capital Inc., Barclays PLC, and Does, 1-5, Inclusive, Defendants.

United States Court of Appeals, Second Circuit.

Decided: December 19, 2017.

Attorney(s) appearing for the Case

JOSEPH D. DALEY ( Andrew J. Brown , David W. Mitchell , Samuel H. Rudman , Patrick J. Coughlin , Vincent M. Serra , on the brief), Robbins Geller Rudman & Dowd LLP, San Diego, CA and Melville, NY; Joseph F. Rice , William H. Narwold , Ann K. Ritter , David P. Abel , Donald A. Migliori , Rebecca Katz , Motley Rice LLC, Mount Pleasant, SC and New York, NY; Christopher J. Keller , Joel H. Bernstein , Michael W. Stocker , Labaton Sucharow LLP, New York, NY for Lead Plaintiffs-Appellants.

DOUGLAS R. COX ( Scott P. Martin , Michael R. Huston , Alex Gesch , Rajiv Mohan , on the brief), Gibson, Dunn & Crutcher LLP, Washington, DC for Defendants-Appellees NASDAQ OMX BX Inc. and Nasdaq Stock Market, LLC; Douglas W. Henkin , J. Mark Little , Baker Botts LLP, New York, NY and Houston, TX for Defendants-Appellees New York Stock Exchange LLC and NYSE Arca, Inc.; Seth L. Levine , Christos G. Papapetrou , Levine Lee LLP, New York, NY for Defendant-Appellee Chicago Stock Exchange Inc.; James A. Murphy , Theodore R. Snyder , Joseph Lombard , Murphy & McGonigle, P.C., New York, NY and Washington, DC for Defendants-Appellees BATS Global Markets, Inc. and Direct Edge ECN, LLC.

Sanket J. Bulsara , Deputy General Counsel, Michael A. Conley , Solicitor, Dominick V. Freda , Assistant General Counsel, Jacob R. Loshin , Securities and Exchange Commission Washington, DC, for amicus curiae Securities and Exchange Commission.

Judge Lohier concurs in the judgment and in the opinion of the Court and files a separate concurring opinion.

We consider in this class action whether plaintiffs have sufficiently pled that several national securities exchanges engaged in manipulative or deceptive conduct in violation of § 10(b) of the Securities Exchange Act of 1934 ("Exchange Act"), 15 U.S.C. § 78j(b), and Securities and Exchange Commission...

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