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HFT Class Action

HFT Class Action

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Published by zerohedge
HFT Class Action
HFT Class Action

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Published by: zerohedge on Jun 07, 2014
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07/25/2014

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Case 1:14-cv-03745-KBF Document 2 Filed 05/23/14 Page 1 of 40
 
ii
TABLE OF CONTENTS
I. PRELIMINARY STATEMENT................................................................................... 5II. NATURE OF THE ACTION........................................................................................ 5III. BACKGROUND.......................................................................................................... 6A. Overview of the Significance of the Market Data to Subscribersand the Process by Which It Is Disseminated..................................................... 6B. The Significance of the Exchange Defendants’ Side Deals With thePreferred Data Customers ................................................................................. 7C. The Significance of Time in the Financial World .............................................. 7IV. JURISDICTION AND VENUE.................................................................................... 9V. PARTIES ................................................................................................................... 10A. Plaintiff........................................................................................................... 10B. Defendants...................................................................................................... 10VI. FACTUAL ALLEGATIONS...................................................................................... 12A. The Exchange Defendants Become For-Profit Businesses WhileShedding Their Self-Regulatory Role.............................................................. 12B. The Exchange DefendantsDissemination of Market Data toSubscribers ..................................................................................................... 141. The Consolidated Quotation System & the ConsolidatedTape System........................................................................................ 142. The Plan Requirements........................................................................ 163. The Subscriber Contracts..................................................................... 17C. The Exchange Defendants Sell Faster Access to Market Data to thePreferred Data Customers ............................................................................... 191. The Exchange Defendants Sell Advance Access ThroughPrivate Feeds....................................................................................... 202. The Exchange Defendants Sell Advance Access ThroughCo-Location Services .......................................................................... 21
Case 1:14-cv-03745-KBF Document 2 Filed 05/23/14 Page 2 of 40
 
iiiD. The Exchange DefendantsBreach of the Subscriber Contracts andUnjust Enrichment at the Expense of Subscribers............................................ 22VII. CLASS ACTION ALLEGATIONS............................................................................ 25A. The Injunctive Relief and Monetary Relief Classes......................................... 26B. The Issue Class............................................................................................... 27C. The Subscriber Class Meets the Requirements of Rule 23(a)........................... 281. Numerosity.......................................................................................... 282. Commonality....................................................................................... 283. Typicality............................................................................................ 294. Adequacy............................................................................................ 30D. The Subscriber Class Meets the Requirements of Rule 23(b)........................... 30CLAIMS FOR RELIEF ......................................................................................................... 31VIII. FIRST CLAIM FOR RELIEF – BREACH OF CONTRACT...................................... 31IX. SECOND CLAIM FOR RELIEF IMPOSITION OF ACONSTRUCTIVE TRUST......................................................................................... 34X. THIRD CLAIM FOR RELIEF UNJUST ENRICHMENT (RECEIPTOF SUBSCRIPTION FEES) ...................................................................................... 35XI. FOURTH CLAIM FOR RELIEF – UNJUST ENRICHMENT (RECEIPTOF FEES FROM PREFERRED DATA CUSTOMERS)............................................. 36XII. PRAYER FOR RELIEF ............................................................................................. 37XIII. REQUEST FOR JURY TRIAL .................................................................................. 38
Case 1:14-cv-03745-KBF Document 2 Filed 05/23/14 Page 3 of 40

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