In January 2021 Short Squeeze Trading Litigation (No. 22-11873), the Eleventh Circuit affirmed the dismissal of a case brought by retail investors alleging that Robinhood, a zero-fee stock brokerage platform, conspired with Citadel Securities, a high-frequency trading firm and short-seller, to block trading in “meme stocks” like GameStop, AMC Entertainment, and Bed Bath & Beyond. Although the investors alleged that prices fell in the meme stocks they owned, the court held that those losses were not “anticompetitive effects” arising in the relevant antitrust markets the investors pleaded in their complaint.Continue Reading Game Stopped: Eleventh Circuit Affirms Dismissal of Meme Stock Antitrust Lawsuit
Eleventh Circuit Upholds Blue Cross Blue Shield Subscriber Settlement Over Antitrust and Public Policy Objections
On October 25, 2023, the Eleventh Circuit overruled several objections to a $2.67 billion antitrust class action settlement agreement that was the product of years of negotiations between Blue Cross and classes of its past and present health plan subscribers. Two objections, raised by Home Depot, focused on (i) the settlement’s release of antitrust claims arising from Blue Cross’s conduct, and, relatedly, (ii) the adequacy of representation for an injunctive class of plaintiffs who might have future claims based on that conduct.Continue Reading Eleventh Circuit Upholds Blue Cross Blue Shield Subscriber Settlement Over Antitrust and Public Policy Objections