This case was last updated from PACER on 09/03/2021 at 14:24:49 (UTC).

Miami International Holdings, Inc. et al v. Nasdaq, Inc. et al

Case Summary

On August 31, 2021, Miami International Holdings, Inc. (“MIH”), Miami International Securities Exchange, LLC (“MIAX Options”), MIAX PEARL, LLC (“MIAX PEARL”), and Miami International Technologies, LLC (“MIAX Technology”) (collectively, “MIAX” or “Plaintiffs”), represented by Brian M. Rostocki and R. Eric Hutz of Reed Smith LLP, filed an antitrust action against Nasdaq, Inc., Nasdaq ISE LLC, and FTEN, Inc. (collectively, “Nasdaq” or “Defendants”), seeking declaratory relief and compensatory and treble damages, along with costs of litigation, for allegedly engaging in acts of patent misuse, sham litigation, and other predatory conduct to maintain and/or to obtain monopolies in the relevant markets. This case was filed in U.S. District Court in the District of Delaware. 

 

In their complaint, Plaintiffs alleged that, “But engaging in sham litigation and disparaging MIAX were just two elements of Nasdaq’s anticompetitive strategy. That strategy began well before Nasdaq filed the sham claims, when Nasdaq first tried to block MIAX (and, ultimately, two other nascent competitors) from approval by the Securities and Exchange Commission (“SEC”) as a registered securities exchange.”

 

Plaintiffs also alleged that, “Nasdaq’s baseless patent claims were predicated upon six Nasdaq patents, each of which the Patent Trial & Appeal Board (“PTAB”) invalidated following extensive proceedings. These claims, coupled with Nasdaq’s equally frivolous trade secret misappropriation claims, are just a part of Nasdaq’s scheme to foreclose MIAX and other competitors from the market.”

 

Plaintiffs further alleged that, “It therefore is no coincidence that Nasdaq launched its spurious claims just as MIAX was about to close a deal with a major customer; a customer that Nasdaq competed to land and hoped to add to its lengthy list of clients. Nasdaq’s success in deterring this and other customers from acquiring MIAX’s electronic trading system technology through the filing of sham claims and other predatory conduct is one reason that MIAX brings these antitrust claims.”

 

Plaintiffs even further alleged that, “Nasdaq has willfully maintained and abused its monopoly power in the relevant markets and submarkets through its knowing and willful fraud upon the USPTO, and its maintenance and enforcement of its patents despite knowing of the fraud.” and also that “By engaging in such conduct, Nasdaq reduced output in the relevant markets and submarket, and raised prices above competitive levels, to the substantial detriment of competition and consumers.”

 

Plaintiffs have laid down down five claims for relief, wherein the first claim alleged is for Monopolization under Section 2 of the Sherman Act (15 U.S.C. § 2) and Clayton Act Sections 4 and 16 (15 U.S.C. §§ 15 and 26), the second claim alleged is for Attempted Monopolization under Section 2 of the Sherman Act (15 U.S.C. § 2) and Clayton Act Sections 4 and 16 (15 U.S.C. §§ 15 and 26), the third and fourth claims alleged are for Monopolization and Attempted Monopolization respectively – Sham Litigation and Other Exclusionary Conduct under Section 2 of the Sherman Act (15 U.S.C. § 2) and Clayton Act Sections 4 and 16 (15 U.S.C. §§ 15 and 26), the fifth and sixth claims alleged are for Monopolization and Attempted Monopolization respectively – Walker Process Claim under New Jersey Antitrust Act N.J. Rev. Stat § 56:9-1 to 19, the seventh and eight claims alleged are for Monopolization and Attempted Monopolization respectively – Sham Litigation and Other Exclusionary Conduct under New Jersey Antitrust Act N.J. Rev. Stat § 56:9-1 to 19. 

 

In their prayer for relief, Plaintiffs have requested the Court to declare that the conduct of Defendants is violative of the alleged provisions; grant injunctive relief against Defendants’ anticompetitive conduct; and award compensatory damages, trebled as provided in the Sherman and Clayton Acts together with interests and costs of litigation. 

 

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Case Details Parties Documents Dockets

 

Case Details

  • Case Number:

    1:21-CV-01254

  • Filing Date:

    08/31/2021

  • Case Status:

    Pending - Other Pending

  • Case Type:

    Other - Antitrust

  • Courthouse:

    Delaware District

 

Party Details

Plaintiffs

Miami International Holdings, Inc.

Miami International Securities Exchange, LLC

MIAX PEARL, LLC

Miami International Technologies, LLC

Defendants

Nasdaq, Inc.

Nasdaq ISE LLC

FTEN, Inc.

Attorney/Law Firm Details

Plaintiff Attorneys

R. Eric Hutz

Attorney at Reed Smith LLP

1201 Market Street, Suite 1500

Wilmington, DE 19801

Brian M. Rostocki

Attorney at Reed Smith LLP

1201 Market Street, Suite 1500

Wilmington, DE 19801

 

Court Documents

#5

(#5) MOTION for Pro Hac Vice Appearance of Attorney Lisa A. Chiarini - filed by MIAX PEARL, LLC, Miami International Holdings, Inc., Miami International Securities Exchange, LLC, Miami International Technologies, LLC. (Hutz, R.) (Entered: 09/02/2021)

4 #2

Summons Issued

4 #1

Summons Issued

#4

(#4) Summons Issued with Magistrate Consent Notice attached as to FTEN, Inc. on 8/31/2021; Nasdaq ISE LLC on 8/31/2021; Nasdaq, Inc. on 8/31/2021. (Attachments: #1 Summons Issued, #2 Summons Issued)(myr) (Entered: 08/31/2021)

#3

(#3) Disclosure Statement pursuant to Rule 7.1: Miami International Holdings Inc. has no parent corporation. Identifying Corporate Parent Miami International Holdings, Inc. for MIAX PEARL, LLC, Miami International Securities Exchange, LLC, Miami International Technologies, LLC filed by MIAX PEARL, LLC, Miami International Holdings, Inc., Miami International Securities Exchange, LLC, Miami International Technologies, LLC. (myr) (Entered: 08/31/2021)

#2

(#2) Notice, Consent and Referral forms re: U.S. Magistrate Judge jurisdiction. (myr) (Entered: 08/31/2021)

1 #1

Civil Cover Sheet

#1

(#1) COMPLAINT filed with Jury Demand against FTEN, Inc., Nasdaq ISE LLC, Nasdaq, Inc. - Magistrate Consent Notice to Pltf. ( Filing fee $ 402, receipt number ADEDC-3689726.) - filed by Miami International Securities Exchange, LLC, Miami International Holdings, Inc., MIAX PEARL, LLC, Miami International Technologies, LLC. (Attachments: #1 Civil Cover Sheet)(myr) (Entered: 08/31/2021)

 

Docket Entries

  • 09/02/2021
  • View Court Documents
  • Docket(#5) MOTION for Pro Hac Vice Appearance of Attorney Lisa A. Chiarini - filed by MIAX PEARL, LLC, Miami International Holdings, Inc., Miami International Securities Exchange, LLC, Miami International Technologies, LLC. (Hutz, R.) (Entered: 09/02/2021)

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  • 08/31/2021
  • View Court Documents
  • Docket(#4) Summons Issued with Magistrate Consent Notice attached as to FTEN, Inc. on 8/31/2021; Nasdaq ISE LLC on 8/31/2021; Nasdaq, Inc. on 8/31/2021. (Attachments: #1 Summons Issued, #2 Summons Issued)(myr) (Entered: 08/31/2021)

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  • 08/31/2021
  • View Court Documents
  • Docket(#3) Disclosure Statement pursuant to Rule 7.1: Miami International Holdings Inc. has no parent corporation. Identifying Corporate Parent Miami International Holdings, Inc. for MIAX PEARL, LLC, Miami International Securities Exchange, LLC, Miami International Technologies, LLC filed by MIAX PEARL, LLC, Miami International Holdings, Inc., Miami International Securities Exchange, LLC, Miami International Technologies, LLC. (myr) (Entered: 08/31/2021)

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  • 08/31/2021
  • View Court Documents
  • Docket(#2) Notice, Consent and Referral forms re: U.S. Magistrate Judge jurisdiction. (myr) (Entered: 08/31/2021)

    Read MoreRead Less
  • 08/31/2021
  • View Court Documents
  • Docket(#1) COMPLAINT filed with Jury Demand against FTEN, Inc., Nasdaq ISE LLC, Nasdaq, Inc. - Magistrate Consent Notice to Pltf. ( Filing fee $ 402, receipt number ADEDC-3689726.) - filed by Miami International Securities Exchange, LLC, Miami International Holdings, Inc., MIAX PEARL, LLC, Miami International Technologies, LLC. (Attachments: #1 Civil Cover Sheet)(myr) (Entered: 08/31/2021)

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