Platinum Partners Value Arbitrage Fund v. Chicago Board Options Exchange

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.)