In re Barclays Liquidity Cross & High Frequency Trading Litigation

OPINION AND ORDER

JESSE M. FURMAN, District Judge:

In 2014, author Michael Lewis published a bestselling book titled Flash Boys: A Wall Street Revolt, in which he argued that “high-frequency traders” have been able to gain an unfair advantage in the stock market, in part because stock exchanges and “dark pools” — alternative venues for trading stocks — have enabled those traders to obtain and trade on market data faster than other investors. A litany of lawsuits followed in short succession, asserting various theories of liability. See, e.g., Lanier v. BATS Exchange, Inc., 105 F.Supp.3d 353,…