BARRY v. CBOE GLOBAL MARKETS, INC.

No. 20-1843.

42 F.4th 619 (2022)

Brian BARRY, et al., Plaintiffs-Appellants, v. CBOE GLOBAL MARKETS, INC.; Cboe Futures Exchange, LLC; and Cboe Exchange, Inc., Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided July 27, 2022.


Attorney(s) appearing for the Case

Jonathan C. Bunge , Attorney, Quinn Emanuel Urquhart & Sullivan, LLP, Chicago, IL, Raphael Janove , Attorney, Pollock Cohen LLP, New York, NY, Geoffrey Jarvis , Sharan Nirmul , Joshua A. Materese , Attorneys, Kessler Topaz Meltzer & Check, LLP, Radnor, PA, Stacey M. Kaplan , Attorney, Kessler Topaz Meltzer & Check, LLP, San Francisco, CA, Jeremy Andersen , Attorney, Quinn Emanuel Urquhart & Sullivan, LLP, Los Angeles, CA, Daniel L. Brockett , Toby Futter , Attorneys, Quinn Emanuel Urquhart & Sullivan, LLP, New York, NY, Kimberly A. Justice , Attorney, Freed Kanner London & Millen, LLC, Conshohocken, PA, for Plaintiffs-Appellants.

Gregory M. Boyle , Reid J. Schar , Attorneys, Jenner & Block LLP, Chicago, IL, Adam G. Unikowsky , Attorney, Jenner & Block LLP, Washington, DC, for Defendants-Appellees.

Jonathan L. Marcus, Esq. , Attorney, Reed Smith LLP, Washington, DC, for Amici Curiae CME Group, Incorporated, Intercontinental Exchange, and National Futures Association.

Before Easterbrook, Wood, and Hamilton, Circuit Judges.


This appeal requires us to determine whether Cboe (an initialism used by the Chicago Board Options Exchange and its affiliates) violated the Securities Exchange Act of 1934 or the Commodity Exchange Act by trading options and futures based on a number, called VIX, designed to estimate the near-term volatility in the Standard...

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