Jane Street Group, LLC v. Millennium Management LLC
- Paul Engelmayer
- 1:24-cv-02783
- U.S. District Court · Southern District of New York
- 3
In Jane Street Group v. Millennium Management, Judge Engelmayer granted Jane Street’s request to seal materials containing sensitive trading information.
Jane Street Group, LLC, Millennium Management LLC, and the public’s access to the identified court filings.
What happened
Jane Street Group asked the court to seal materials filed with its proposed request for a temporary restraining order, expedited discovery, and an expedited preliminary-injunction hearing in Jane Street Group, LLC v. Millennium Management LLC.
The materials included a legal memorandum, a declaration, and exhibits containing Jane Street’s proprietary trading strategies, market and trading analysis, business processes, and other confidential information. Jane Street argued that public disclosure could harm its competitive position.
Judge Paul A. Engelmayer granted the request to seal. The opinion does not separately explain the ruling or state whether any particular redactions were later approved.
The detailed version
- Jane Street Group, LLC v. Millennium Management LLC · No. 1:24-cv-02783
- Paul Engelmayer
- Apr. 17, 2024
Background
Jane Street asked the U.S. District Court for the Southern District of New York for permission to seal materials connected to its proposed order seeking a temporary restraining order, expedited discovery, and an expedited hearing on a preliminary injunction. The request was made under the court’s rule governing sealing or redaction that requires court approval.
Materials at Issue
Jane Street sought to seal its supporting memorandum of law, the declaration of Jeff Nanney, and Exhibits A-Q attached to the declaration of Deborah K. Brown. According to the request, these materials contained confidential, proprietary, and trade-secret information about Jane Street’s business operations and proprietary trading strategy. The information included trading tools and processes, variables, indicators, techniques, targeted markets, and detailed market and trading analysis.
Jane Street argued that the information was confidential, that it had invested substantial resources in developing and protecting it, and that disclosure would create a significant competitive disadvantage. Jane Street also stated that it would negotiate proposed redactions with the defendants and later submit redacted versions for possible filing in the public record.
Legal Standard Described
The request described the three-step standard used in the Second Circuit for sealing judicial documents: whether the materials are judicial documents, how strong the presumption of public access is, and whether countervailing interests outweigh that presumption. The request argued that protecting competitively sensitive business information justified sealing.
Ruling
The court marked the request “GRANTED” and entered the order on April 17, 2024. The opinion does not provide a separate explanation, identify specific permitted redactions, or state the duration or other conditions of the sealing order. It addresses access to filed materials, not the merits of Jane Street’s underlying dispute with Millennium Management.
Read the full 3-page opinion on CourtListener, the free public archive maintained by the Free Law Project.