In re Global Brokerage, Inc. f/k/a FXCM Inc. Securities Litigation

Background

The defendants asked the court to seal specified portions of three sets of filings: their reply supporting summary judgment, their response to the plaintiffs’ statement of additional material facts, and their reply supporting motions to exclude the reports, testimony, and opinions of John E. Barron and Dr. Adam Werner. The defendants also sought to seal Exhibits 209–231 and 233 to Israel Dahan’s supplemental declaration.

The defendants stated that the materials consisted of documents, expert reports, and deposition transcripts produced in the case and marked “Confidential,” along with descriptions of or quotations from those materials. The parties had previously entered a confidentiality order, which the court approved on July 24, 2019. The defendants argued that the proposed redactions were narrowly tailored and necessary to preserve the privacy expected under that order. The plaintiffs did not object.

Legal standard

The court’s discussion explained that courts have supervisory power over their records and files, including the power to restrict disclosure. Documents submitted for consideration on a summary-judgment motion are generally “judicial documents,” meaning documents relevant to the court’s work and useful in the judicial process. They therefore carry a strong presumption of public access. That presumption can be outweighed by countervailing interests, including privacy concerns.

Ruling

Judge Ronnie Abrams granted the application. The opinion ordered the unredacted papers described in the defendants’ letter motion to be sealed. The opinion did not rule on the underlying summary-judgment motion or the motions concerning the two experts.