Albert Hogan, Marcie Lape, and Manuel Cachan Recognized as ‘Litigators of the Week’

Albert Hogan, Marcie Lape, and Manuel Cachán have been recognized as the ‘Litigators of the Week’ by The American Lawyer for their outstanding leadership in a significant trial victory on behalf of CME Group, Inc. and the Chicago Board of Trade (CBOT) in a class action lawsuit seeking more than $2 billion in damages related to CME’s Aurora Data Center. Together with team co-lead Amanda Brown, these litigation partners successfully defended the claims made by plaintiff traders and secured a favorable outcome after a challenging three-week trial.

The traders alleged that CME Group and CBOT had violated their contractual obligations outlined in the certificates of incorporation and devalued their Class B memberships by establishing CME’s data center in 2012. They argued that allowing all market participants to pay a fee to access and connect to the Globex electronic trading platform from this new facility required compensation for the affected traders. However, the jury unanimously rejected these claims following a rigorous trial process.

During an interview with The American Lawyer, the partners highlighted the significance of “demutualization” as a critical aspect of their argument presented to the jury. Mr. Hogan emphasized the importance of demutualization for the survival and competitiveness of both exchanges in the face of emerging threats from electronic exchanges. By effectively conveying the challenges posed by the competitive landscape at the time and illustrating how demutualization was the solution, the team successfully defended the interests of their clients.

Reflecting on the case, Ms. Lape shared how the journey shared with the client and the Skadden team throughout the legal proceedings left a lasting impression. Despite the demanding nature of the trial, the team’s cohesion, mutual support, and occasional moments of levity created a strong bond among team members. Mr. Hogan echoed this sentiment by acknowledging the dedication and value-added by numerous Skadden attorneys who contributed significantly to the successful outcome of the case.

The partners expressed gratitude for the opportunity to work closely with their client and highlighted the collaborative effort that led to a favorable result. Despite the challenges faced during the trial, the unwavering commitment and collective efforts of the legal team culminated in a significant win for CME Group and CBOT. This experience will always hold a special place in their memories, not just for the positive outcome achieved but also for the rewarding journey shared with their clients and colleagues.

The recognition as ‘Litigators of the Week’ by The American Lawyer attests to the exceptional legal skills, strategic acumen, and dedication demonstrated by Albert Hogan, Marcie Lape, and Manuel Cachán throughout this complex and high-stakes litigation. Their ability to navigate intricate legal issues, present a compelling narrative to the jury, and collaborate effectively with their team exemplifies their outstanding professional expertise and unwavering commitment to delivering favorable outcomes for their clients.