ARNOLD F. SOCK, Attorney At Law, Opines On: The Judicial Panel on Multidistrict Litigation Eyes Sending VIX Suits To Illinois Despite a Shortage of Judges There
The Judicial Panel on Multidistrict Litigation seemed unmoved by a request from investors alleging an unlawful manipulation of the Chicago Board Options Exchange's volatility index to consolidate similar suits in New York rather than Illinois given the number of Chicago federal court bench vacancies (IN RE: Chicago Board Options Exchange Volatility Index Manipulation Antitrust Litigation Case No. 2848)..
The seven-judge panel spent little time hearing Bart Cohen's argument that the Northern District of Illinois' "highly unusual situation" in which it is "under siege" with several vacancies and a lack of nominations to fill the bench there.
Courts all over the United States don't have enough judges, which is why cases take so long to be heard. Opinion by ARNOLD F SOCK, Attorney at Law