In an antitrust action by a short seller against “prime brokers” in short sale transactions alleging that the prime brokers arbitrarily designated certain securities as “hard to borrow” and then fixed the price for borrowing them, dismissal of the complaint is affirmed where federal securities law implicitly precluded application of the antitrust law to the alleged anticompetitive conduct.
Read Electronic Trading Grp., LLC v. Banc of Am. Secs. LLC, No. 08-0420
Judges
Opinion by Judge Jacobs
Counsel
For Appellant:
Andrew J. Entwistle, Vincent R. Cappucci and Harold F. McGuire, Entwistle & Cappucci LLP, New York, NYFor Appellees:
Robert F. Wise, Jr. and William J. Fenrich, Davis Polk & Wardwell LLP, New York, NY
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