The Second Circuit affirmed the U.S. District Court for the Southern District of New York’s dismissal with prejudice of a series of putative class action complaints brought against a group of national stock exchanges, including the Chicago Stock Exchange, represented by Levine Lee LLP. Plaintiff, who subscribed to consolidated market data, alleged that the national stock exchanges’ dissemination of both consolidated and unconsolidated market data constituted a breach of contract under state law. The District Court dismissed the claims in their entirety. On appeal, the Second Circuit affirmed the District Court’s dismissal because Plaintiff had failed to state a claim. The Second Circuit further held that Plaintiff’s claims were preempted to the extent the allegations conflicted with the SEC’s regulations or interpretation of those regulations.

Seth L. Levine and Christos G. Papapetrou worked on the matter. The appeals are Lanier v. Bats Exchange Inc. et al., docket numbers 15-1683, 15-1693. 15-1700 in the U.S. Court of Appeals for the Second Circuit.