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Wey v. NASDAQ Inc.

Investment Adviser's Claims Against NASDAQ Are Not Barred by SRO Immunity

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The following e-filed documents, listed by NYSCEF document number (Motion 002) 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 48, 49, 50, 51, 52, 54, 55, 56, 57, 58, 59 were read on this motion to/for        DISMISS.   Upon the foregoing documents and for the reasons set forth on the record (2/11/2020), although the court holds that the Plaintiffs’ claims are not preempted by federal law (see Section II below) or that the defendants are entitled to immunity as to the Plaintiffs’ claims (see Section III below), the defendants’ motion to dismiss pursuant to CPLR 3211(a)(7) is granted and the Complaint is dismissed without prejudice. THE RELEVANT FACTS AND CIRCUMSTANCES Benjamin Wey, who was born in China in 1971, attended college in the US on scholarship earning his bachelor’s degree in 1994, his Masters of Business Administration in 1999, became a naturalized citizen in 2001, and in 2013, was awarded his Master’s Degree in Science from Columbia Business School, Columbia University. (Compl., 22). Mr. Wey has spent more than 20 years in the international business and consulting industry, developed expertise in finance from a cultural and business perspective both in the US and in China, and in or around, 2001, cofounded, and served as the Chief Executive Officer of, New York Global Group (NYG; NYG, together with Mr. Wey, collectively, hereinafter the Plaintiffs), a company that advises Chinese investors regarding high quality, profitable investment and financing opportunities in the international capital markets, including via listings on the NASDAQ Stock Market (hereinafter defined; Compl.,

23 and 61). Although Mr. Wey has never been a member of NASDAQ Stock Market LLC (the NASDAQ Stock Market), a New York based registered securities exchange that “operates as an electronic stock market and offers securities listing, trading, and information products and services” (id.,

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