Tag Archives: Preemption

Second Circuit Affirms Judge Forrest’s Dismissal of “Flash Boys” Suit

In an opinion Friday, the Second Circuit affirmed Judge Forrest’s dismissal of a complaint (see our prior coverage here) accusing stock exchanges of improperly allowing high-frequency traders to pay to obtain and trade on market data faster than other investors — the conduct at issue in the Michael Lewis book “Flash Boys.”  The Second Circuit agreed that … Continue Reading

Bankers Association Renews Challenge to City Regulation of Banks as Preempted by State and Federal Law

The New York Bankers Association filed a complaint Tuesday seeking to invalidate “Local Law 38,” which calls for the creation of a Community Investment Advisory Board (the “CAIB”) to gather information about banks that take deposits from the City and to establish “best practices” for those banks regarding various initiatives, including (for example) offering financial services most needed … Continue Reading

Judge Román, Disagreeing With Eighth Circuit, Rules Suit Over “Organic” Label Not Preempted

In an opinion yesterday, Judge Román denied a motion to dismiss a class action accusing the makers of “Earth’s Best” branded foods of falsely labeling certain products as “organic.”  The defendants argued the claims were preempted by the Organic Food Production Act (or, OFPA), which defines what foods can be labeled “organic,” and prohibits the … Continue Reading

Judge Forrest: “Flash Boys” Suit Against Exchanges is Preempted by Federal Law

In an opinion Tuesday, Judge Forrest dismissed various class action suits accusing stock exchanges of improperly allowing high-frequency traders to pay to obtain and trade on market data faster than other investors.  The plaintiffs subscribed to market data via subscriber contracts that, in turn, incorporated the terms of standardized market data dissemination “plans.”  Those plans, which … Continue Reading
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