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Second Circuit affirms dismissal of antitrust class action due to implied preclusion by the securities laws

  • Sheppard Mullin Richter & Hampton LLP
  • -
  • USA
  • -
  • December 22 2009

In Electronic Trading Group, LLC v. Banc of America Securities LLC (In re Short Sale Antitrust Litigation), 2009 WL 4350035 (2d Cir. Dec. 3, 2009), the United States Court of Appeals for the Second Circuit affirmed the dismissal of a putative antitrust class action against certain financial institutions that serve as “prime brokers” in connection with short sale transactions, on the ground that the federal securities laws precluded application of antitrust law to the matters at hand