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Citadel Securities, LLC v. Chicago Board Options Exchange, Inc.

United States Court of Appeals, Seventh Circuit

December 11, 2015

CITADEL SECURITIES, LLC, et al., Plaintiffs-Appellants
v.
CHICAGO BOARD OPTIONS EXCHANGE, INC., et al., Defendants-Appellees

Argued November 12, 2015.

Page 695

[Copyrighted Material Omitted]

Page 696

Appeals from the United States District Court for the Northern District of Illinois, Eastern Division. No. 1:13-CV-05833 -- Robert W. Gettleman, Judge.

For Citadel Securities LLC, Ronin Capital, LLC, Susquehanna Securities, Susquehanna Investment Group, Plaintiffs - Appellants (14-2912): Stephen Bedell, Attorney, David B. Goroff, Attorney, Ellen M. Wheeler, Attorney, Foley & Lardner LLP, Chicago, IL.

For Chicago Board Options Exchange, Incorporated, Defendant - Appellee (14-2912): Paul E. Greenwalt III, Attorney, Paul E. Dengel, Attorney, Schiff Hardin LLP, Chicago, IL.

For Nasdaq Omx Phlx, f/k/a: Philadelphia Stock Exchange, Inc., Defendant - Appellee (14-2912): Terrence Patrick Canade, Attorney, Locke Lord LLP, Chicago, IL; Douglas R. Cox, Attorney, Gibson, Dunn & Crutcher LLP, Washington, DC.

For Nyse Arca, Incorporated, f/k/a: Pacific Exchange, Incorporated, Defendant - Appellee (14-2912): David J. Chizewer, Attorney, Goldberg Kohn Ltd., Chicago, IL; Douglas W. Henkin, Attorney, Milbank, Tweed, Hadley & Mccloy, New York, NY.

For Nyse Mkt LLC, f/k/a: NYSE Amex LLC, f/k/a: American Stock Exchange LLC, International Securities Exchange, LLC, Defendants - Appellees (14-2912): David J. Chizewer, Attorney, Goldberg Kohn Ltd., Chicago, IL; Douglas W. Henkin, Attorney, Milbank, Tweed, Hadley & Mccloy, New York, NY.

For Citadel Securities LLC, Group One Trading LP, Ronin Capital, LLC, Susquehanna Securities, Susquehanna Investment Group, Plaintiffs - Appellees (14-3071): Ellen M. Wheeler, Attorney, Foley & Lardner LLP, Chicago, IL.

For International Securities Exchange, LLC, Nyse Arca, Incorporated, formerly known as: Pacific Exchange, Inc., Nyse Mkt LLC, formerly known as: NYSE Amex LLC, formerly known as: Amercian Stock Exchange LLC, Defendants - Appellants (14-3071): Douglas W. Henkin, Attorney, Milbank, Tweed, Hadley & Mccloy, New York, NY.

For Nasdaq Omx Phlx, formerly known as: Philadelphia Stock Exchange, Inc., Defendant - Appellant (14-3071): Terrence Patrick Canade, Attorney, Locke Lord LLP, Chicago, IL; Douglas R. Cox, Attorney, Gibson, Dunn & Crutcher LLP, Washington, DC.

For Chicago Board Options Exchange, Incorporated, Defendant - Appellant (14-3071): Paul E. Greenwalt III, Attorney, Paul E. Dengel, Attorney, Schiff Hardin LLP, Chicago, IL.

Before BAUER, FLAUM, and MANION, Circuit Judges.

OPINION

Page 697

Flaum, Circuit Judge.

Plaintiffs Citadel Securities, LLC, et al., sued defendants Chicago Board Options Exchange, Inc., et al., in Illinois state court, seeking to recover fees they claim were improperly charged to and paid by plaintiffs to defendants under defendants' " payment for order flow" programs. Defendants removed the case to federal district court. The district court dismissed the case for lack of subject matter jurisdiction based on plaintiffs' failure to exhaust administrative remedies. ...


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