Barry v. Cboe Global Markets, Inc., No. 20-1843 (7th Cir. 2022)

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Justia Opinion Summary

The Seventh Circuit affirmed the judgment of the district court dismissing Plaintiffs' amended complaint against Cboe with prejudice and entering a judgment under Fed. R. Civ. P. 54(b) wrapping up litigation against Cboe involving claims under the Securities Exchange Act and the Commodity Exchange Act, holding there was no error.

At issue was whether Cboe violated either Act by trading options and futures based on a number, called VIX, which was designed to estimate the near-term volatility in the Standard & Poors 500 Index of stocks. Plaintiff-traders argued that the Cboe knew that unknown entities could take advantage of the formula for determining VIX on the settlement dates and failed to enforce rules forbidding manipulation. The district court dismissed the amended complaint with prejudice. The Seventh Circuit affirmed, holding that remedies, if any were appropriate, lay with administrative agencies rather than the judiciary at the behest of private litigants.

The court issued a subsequent related opinion or order on July 28, 2022.

Primary Holding
The Seventh Circuit affirmed the district court's judgment dismissing Plaintiffs' amended complaint against Cboe with prejudice and entering a judgment wrapping up litigation against Cboe involving claims under the Securities Exchange Act and the Commodity Exchange Act, holding there was no error.

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