Has anyone been following the Langer v CME Group lawsuit? It was filed a decade ago and still an active case. It deals with the significant decline in membership prices.
Yeah it's just surprising to me that the CME can drag this out this long. Many of these seat holders are senior citizens when the lawsuit was filed and may die before it's settled. It says a lot about our legal system. On the other hand, seat prices may dramatically rise if the plaintiffs win or significantly decrease if they lose.
The ownership rights were replaced with stock so seats became trading rights without exchange fees. I am struggling to see the case.
The court is not trying to answer this question if you read through the filings. This case seems to be focused on something entirely different. https://cmelawsuit.com/
%% PART of its over fees [too high ] ,but I dont have time to explore all the details . And sounds like online readers will not get all the info anyway, but that's logical. I remember one seat got daytraded for a real high p+L= LOL
The legal case is more about priority access for exchange members. When you traded in a pit or on an early GLOBEX machine you were able to execute orders before any member of the public could. Now the person/firm with the best technology gets their orders in first.