Platinum Partners Value Arbitrage Fund v. Chicago Board Options Exchange

Illinois Appellate Court
Civil Court
Citation
Case Number: 
2012 IL App (1st) 112903
Decision Date: 
August 10, 2012
District: 
1st Dist.
Division/County: 
Cook Co.,6th Div.
Justice: 
J. GORDON
Holding: 
Reversed and remanded.
Arbitrage fund sued Defendants CBOE and Options Clearing Corporation (OCC). Doctrine of regulatory immunity is inapplicable because CBOE's and OCC's conduct in providing inside information was not done under their regulatory functions. Plaintiff adequately pled cause of action under Securities Law. Whenever CBOE or OCC makes a public statement, they convey information to the market and traders, including plaintiff, and thus they communicate directly with Plaintiff. Thus, Plaintiff adequately pled cause of action under Consumer Fraud Act. (PALMER, concurring; LAMPKIN, dissenting.)