Skadden litigation partners Al Hogan, Marcie Lape (Raia), Manuel Cachán and Amanda Brown were recently featured in Law360’s “How They Won It,” in which they discussed how they secured a unanimous jury verdict on behalf of CME Group in a case involving a $2 billion trading rights claim. The class action alleged CME Group and the Chicago Board of Trade breached contractual obligations and eroded Class B membership value through the launch of CME’s Aurora Data Center. In the article, the team discussed how they presented the history of the exchanges to educate the jury and dissect the claim, a unique strategy that proved successful.
According to Mr. Hogan: “‘We knew that our case was going to require education about context and purpose in a way that their case did not,’ so the more evidence CME could give jurors on that front, ‘the better off it was.’”
Ms. Brown elaborated on the importance of demonstrating “how electronic trading evolved separately from floor trading over time.”
Read the full article: “How CME Used History To Beat a $2B Trading Rights Claim,” September 24, 2025.