Illinois Appellate Court
Civil Court
Summary Judgment
Plaintiffs are Cayman Islands investment funds. Plaintiffs invested in options for share of IFN, a fund that invests in stock of companies in India. CBOE traded IFN options, and OCC cleared and settled the trades. Court denied motion for summary judgment by Defendant CBOE but granted summary judgment for Defendant OCC. Private dissemination is not protected by regulatory immunity. Question of fact as to whether private dissemination occurred. Trial court disregarded appellate court's prior opinion and erred in finding that OCC's conduct was entitled to regulatory immunity. OCC's private and premature disclosures of strike price adjustment were not shielded from suit by regulatory immunity.(BURKE and McBRIDE, concurring.)