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U.S. FUTURES EXCHANGE, L.L.C. v. BOARD OF TRADE

No. 18-3558.

953 F.3d 955 (2020)

U.S. FUTURES EXCHANGE, L.L.C., et al., Plaintiffs-Appellants, v. BOARD OF TRADE OF THE CITY OF CHICAGO, INC., et al., Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided March 23, 2020.

Attorney(s) appearing for the Case

Kenneth M. Kliebard , Attorney, Morgan, Lewis & Bockius LLP, Chicago, IL, Stephanie Schuster , Attorney, David B. Salmons , Attorney, Morgan, Lewis & Bockius LLP, Washington, DC, for Plaintiffs-Appellants.

Albert L. Hogan, III , Attorney, William E. Ridgway , Attorney, Lindsey Sieling , Attorney, Gretchen M. Wolf , Attorney, Skadden, Arps, Slate, Meagher & Flom LLP, Chicago, IL, Jonathan Lee Marcus, Esq. , Attorney, Skadden, Arps, Slate, Meagher & Flom LLP, Washington, DC, for Defendants-Appellees.

Before Manion, Kanne, and Brennan, Circuit Judges.

This antitrust case comes to us from the commodities and futures marketplace. As USFE tells it, Defendants torpedoed its new futures exchange by delaying the regulatory approval process and enacting an internal rule that deprived the new exchange of liquidity. The real question is whether Defendants violated the antitrust...

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