Overview
The live one of Novig’s five suits, and a clean demonstration of how much Kalshi v. Williams now costs a new entrant in New York. Ludlow Exchange LLC — Novig’s exchange entity, a CFTC-designated contract market since June 2026 — sued the Attorney General and the Gaming Commission in August 2026 and asked for an immediate temporary restraining order.
It got assigned the hard way. Novig filed the case as related to Williams; Judge Analisa Torres declined the relatedness designation and the case went back to the wheel, landing with Judge Colleen McMahon. On August 11, 2026 Judge McMahon denied the TRO in an order that says out loud what the procedural posture is worth: the plaintiff "hopes, by filing this action, to get around" the Kalshi decision "by convincing another judge in this district to reach a different conclusion," and the court "will not undermine Judge Torres’ decision by entering any order granting emergency relief without full briefing."
Read the denial narrowly. Judge McMahon expressly did not decide the merits and wrote that she "may or may not reach the same ultimate conclusion as Judge Torres." She also proposed merging the preliminary and permanent injunction motions into a single final judgment; the Attorney General objected, so the court dropped that and is deciding the preliminary injunction alone.