In re Nasdaq Market-Makers Antitrust Litigation

184 F.R.D. 506, 1999 U.S. Dist. LEXIS 1530, 1999 WL 66161
CourtDistrict Court, S.D. New York
DecidedFebruary 10, 1999
DocketNos. MDL 1023, 94 Civ. 3996 RWS
StatusPublished
Cited by10 cases

This text of 184 F.R.D. 506 (In re Nasdaq Market-Makers Antitrust Litigation) is published on Counsel Stack Legal Research, covering District Court, S.D. New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
In re Nasdaq Market-Makers Antitrust Litigation, 184 F.R.D. 506, 1999 U.S. Dist. LEXIS 1530, 1999 WL 66161 (S.D.N.Y. 1999).

Opinion

OPINION

SWEET, District Judge.

Class member John Genins (“Genins”) has moved pro se (1) pursuant to Federal Rules of Appellate Procedure 4(a)(5) to extend the time within which to file a notice of appeal from the opinion of this Court dated November 9,1998 (the “Opinion”), and the judgment entered on November 13, 1998 (the “Judgment”); (2) pursuant to Federal Rule of Civil Procedure 59(e), to alter and amend the Judgment; (3) for reconsideration of the Opinion insofar as it denied Genins’ motion to intervene; and (4) for an order allowing him to inspect and copy all “secret” filings by the parties.

Class members John Kavanagh (“Kavanagh”) and Gerald Vinnard (“Vinnard”), and class member Edward M. Selfe (“Selfe”) pro se have moved pursuant to Federal Rules of Civil Procedure 24(a)(2) and 24(b)(2) to intervene for the limited purpose of preserving and protecting their right to appeal.

The class plaintiffs have moved, pursuant to Rule 7 of the Federal Rules of Appellate Procedure, to require Genins to post a bond to secure costs, including attorneys fees, arising from Genins’ proposed appeal.

For the reasons stated below, Genins’ motions are denied, plaintiffs’ motion is denied as moot, and the Selfe, Kavanagh and Vinnard motions are denied.

The parties, facts and prior proceedings have been set forth more fully in several prior opinions of the Court, familiarity with which is assumed. See In re Nasdaq Market-Makers Antitrust Litigation, 894 F.Supp. 703 (S.D.N.Y.1995); In re NASDAQ Market-Makers Antitrust Litigation, 164 F.R.D. 346 (S.D.N.Y.1996); In re NASDAQ Market-Makers Antitrust Litigation, 1996-1 Trade Cas. (CCH) 11 71,407, 1996 WL 187409 (S.D.N.Y.1996); In re NASDAQ Market-Makers Antitrust Litigation, 929 F.Supp. 723 (S.D.N.Y.1996); In re NASDAQ Market-Makers Antitrust Litigation, 929 F.Supp. 174 (S.D.N.Y.1996); In re NASDAQ Market-Makers Antitrust Litigation, 938 F.Supp. [509]*509232 (S.D.N.Y.1996); In re NASDAQ Market-Makers Antitrust Litigation, 169 F.R.D. 493 (S.D.N.Y.1996); United States v. Alex. Brown & Sons, 169 F.R.D. 532 (S.D.N.Y.1996); In re NASDAQ Market-Makers Antitrust Litigation, 172 F.R.D. 119 (S.D.N.Y.1997); In re Nasdaq Market-Makers Antitrust Litigation, 176 F.R.D. 99 (S.D.N.Y.1997); United States v. Alex. Brown & Sons, 963 F.Supp. 235 (S.D.N.Y.1997); In re Nasdaq Market-Makers Antitrust Litigation, 176 F.R.D. 99 (S.D.N.Y.1997); In re NASDAQ Market-Makers Antitrust Litigation, 1997-2 Trade Cas. (CCH) l 72,028, 1997 WL 805062 (S.D.N.Y.1997); In re Nasdaq Market-Makers Antitrust Litigation, 1998 WL 782020 (S.D.N.Y. November 9, 1998). Those facts and prior proceedings relevant to the instant opinion are set the below.

The Parties

Plaintiffs are representatives of a class of over 1.0 million individual and institutional investors who purchased or sold shares of class securities on the National Association of Securities Dealers Automated Quotation (“NASDAQ”) Exchange from one or more defendants or their commonly owned affiliates during the period of May 1, 1989 to May 24,1994.

The thirty-seven defendants (the “Defendants”) in this action are all market-makers on the NASDAQ Exchange, a computerized securities quotations system operated by the National Association of Securities Dealers (“NASD”).

Prior Proceedings

On October 14, 1997, December 31, 1997, and March 30, 1998, the Court preliminarily approved the proposed settlement between the plaintiffs and various defendants. Following preliminary approval, and pursuant to orders entered on February 4, 1998 and March 30, 1998, a Notice of Pendency of Class Action and of Proposed Settlements approved by the Court was mailed to more than a million class members. Pursuant to those same orders, a summary notice was published in the Wall Street Journal, the New York Times, USA Today, as well as 35 local newspapers, and in periodicals such as Barron’s, Business Week, Forbes, Fortune, and Worth, as well as on an Internet website and online investor services. Class members were advised of the existence and terms of the proposed settlement and fee application and apprised of their right to opt-out or object to settlement approval, and/or fees and expenses, by filing and serving written objection by July 14,1998.1

On September 8, 1998, Genins moved to intervene and become an additional class representative.

A hearing was held on September 9, 1998. Objectors were heard with respect to the fee application. No objections were made with respect to the amount of the proposed settlement.

By Opinion dated November 9, 1998, this Court approved the proposed settlement and awarded attorney’s fees to Plaintiffs’ Class Counsel of 14.0 percent of the common fund plus full reimbursement of expenses. Genins’ motion to intervene as a class representative was denied. Final judgment was entered on November 13,1998.

On November 23, 1998, Selfe filed his motion to intervene solely to perfect his right to appeal from the Judgment with respect to the award of attorney’s fees. Kavanagh and Vinnard also filed a motion to intervene on November 23,1998.

On November 30, 1998, Genins filed his motion to alter and amend the Judgment. On December 8, 1998, Genins filed his motions to extend time to file a Notice of Appeal, for reconsideration, and his request for an order allowing him to inspect and copy all “secret” filings by the parties. He also served a “Protective Notice of Appeal.” On December 8, 1998, Kavanagh and Vinnard filed a Notice of Appeal.

On December 31, 1998, plaintiffs filed their motion, pursuant to Rule 7 of the Federal Rules of Appellate Procedure, to require Genins to post a bond to secure costs, including attorneys’ fees, arising from Genins’ proposed appeal. Opposition and reply papers on the motions were received through January 5, 1999. Oral argument was heard on [510]*510January 20,1999,2 at which time all the pending motions were deemed fully submitted. Discussion

1. Genins’ Motions are Denied

A. The Motion for Reconsideration

Genins does not specify whether he brings his motion for reconsideration pursuant to Federal Rule of Civil Procedure 59(e) or Local Rule 6.3. Regardless, the standards governing Rule 59(e) and Local Rule 6.3 are the same. See Candelaria v. Coughlin, 155 F.R.D. 486, 490 (S.D.N.Y.1994); Morser v. AT. & T. Information Systems, 715 F.Supp. 516, 517 (S.D.N.Y.1989).

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184 F.R.D. 506, 1999 U.S. Dist. LEXIS 1530, 1999 WL 66161, Counsel Stack Legal Research, https://law.counselstack.com/opinion/in-re-nasdaq-market-makers-antitrust-litigation-nysd-1999.