CHOI v. TOWER RESEARCH CAPITAL LLC

No. 20-1648-cv August Term, 2020.

2 F.4th 10 (2021)

Myun-Uk CHOI, Jin-Ho Jung, Sung-Hun Jung, Sung-Hee Lee, and Kyung-Sub Lee, individually and on behalf of all others similarly situated, Plaintiffs-Appellants, v. TOWER RESEARCH CAPITAL LLC, Mark Gorton, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided: June 22, 2021.


Attorney(s) appearing for the Case

Michael B. Eisenkraft , ( Richard A. Speirs , Jessica (Ji Eun) Kim , on the brief), Cohen Milstein Sellers & Toll PLLC, New York, New York; Dan S. Sommers , on the brief, Cohen Milstein Sellers & Toll PLLC, Washington, District of Columbia; for Plaintiffs-Appellants Myun-Uk Choi, et al.

Noah A. Levine , Wilmer Cutler Pickering Hale and Dorr LLP, New York, New York; Matthew T. Martens , Matthew Beville , Albinas J. Prizgintas , on the brief, Wilmer Cutler Pickering Hale and Dorr LLP, Washington, District of Columbia; Adam Cambier , on the brief, Wilmer Cutler Pickering Hale and Dorr LLP, Boston, Massachusetts; for Defendants-Appellees Tower Research Capital LLC and Mark Gorton.

Before: Walker, Park, and Nardini, Circuit Judges.


Plaintiffs, five South Korean citizens, traded a derivative financial product called KOSPI 200 futures on an overnight market of the Korea Exchange (KRX). They brought this action against defendants Tower Research Capital LLC (Tower) and its CEO, Mark Gorton, alleging that, in 2012, Tower's trading of KOSPI 200...

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