2:25-cv-575-APG-BNW MOTION HEARING - ROUGH DRAFT - DO NOT CITE!!!
38 MR. HAVEMANN: -- we are not relying on harm to
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users for purposes of establishing standards --
THE COURT: It's in your papers, significantly. MR. HAVEMANN: But not for purposes of establishing standing, Your Honor. And I want to be clear about that. For purposes of the equitable factors that this Court -- THE COURT: Let me pause you. I'm interrupting you. I apologize. You refer in your papers to the damages that your market participants will suffer as if that's a damage that I should consider in irreparable harm, but you don't have standing to raise that damage because that's a harm to your investors. They're the ones that suffer the millions because they're the ones that make the -- make the contract wagers. You lose your vig, your commission. MR. HAVEMANN: So we do not rely on harm to users for purposes of establishing standing, but it is entirely appropriate for this Court to consider harm, not just to Kalshi, but to third-parties in weighing the equitable factors that the Court considers in deciding whether to issue injunctive relief. In Stormans v. Selecky , which is a case that we cite, I believe in our opening memorandum, it makes clear that you can consider harm to non-parties in evaluating especially the public interest, which is the last of the factors the Court
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UNITED STATES DISTRICT COURT Judy K. Moore, RMR, CRR
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