Removed; remand motion briefed and undecided2d Cir.State v. Platform
Docket last checked September 26, 2026. Snapshot — not legal advice.
As of September 27, 2026, New York has a restriction on prediction-market platforms currently in effect. New York status and cases →
Overview
New York’s Attorney General brought a special proceeding under Executive Law § 63(12) — a petition, not a complaint — against KalshiEX LLC in state court (August 2026), making New York the only state litigating against the platform on three tracks at once alongside Kalshi v. Williams and the CFTC’s suit. The petition seeks a permanent injunction against unlicensed gambling, an accounting, restitution, disgorgement, and statutory penalties. Kalshi is the only respondent — unlike Baltimore’s actions, no brokerage distributors are named, and the Governor is not a petitioner despite a joint announcement. Note that the widely-reported "$36 billion" exposure figure does not appear in the petition; it is press arithmetic on the statutory penalty formula. This proceeding also sits in direct tension with a federal order directing the exchange to continue operating. (Caption, court, statute, and filing date confirmed verbatim against the filed petition PDF.)
Changes
Logged September 22, 2026
Correction
We said this case had been referred to Judge Torres. She declined it as unrelated on August 10 and it went to Judge Broderick. We had also omitted New York’s remand motion, fully briefed since August 28 and undecided.
The Attorney General files a verified petition against KalshiEX LLC under Executive Law § 63(12).
August 2026
The CFTC invokes emergency authority directing the exchange to maintain operations, in response to the state proceeding.
August 2026
New York moves to remand (August 7); Judge Torres declines the case as unrelated and it is reassigned to Judge Broderick (August 10); remand briefing closes August 28.
What's next: Kalshi removed the proceeding from New York County Supreme Court on July 31, 2026. It was referred to Judge Torres as possibly related to Kalshi’s own suit (1:25-cv-08846); she declined it as unrelated on August 10, and it went to Judge Vernon S. Broderick. New York moved to remand on August 7; the motion has been fully briefed since August 28 and is undecided.
Parties
Plaintiffs
People of the State of New York, by Letitia James, Attorney General
Defendants
KalshiEX LLC
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