Thank you for sharing!

Your article was successfully shared with the contacts you provided.
The settlement of an institutional investor’s securities class action in Delaware Chancery Court against the Chicago Board of Trade Holding Inc. board of directors resulted in almost $1.5 billion in added shareholder value. The Louisiana Municipal Police Employees’ Retirement System (LAMPERS) announced on June 14 that it had settled litigation challenging alleged breaches of fiduciary duty by the Chicago Board of Trade Holding Inc. (CBOT) board of directors, purportedly aided and abetted by Chicago Mercantile Exchange Holdings Inc. (CME) The shareholder group led by LAMPERS secured an additional $475 million for CBOT investors as well as special appraisal rights under Delaware law, according to a statement issued by Bernstein Litowitz Berger & Grossmann of New York and Grant & Eisenhofer of Wilmington, Del., which served as plaintiffs’ co-lead counsel. The settlement follows an additional $1 billion increase to CBOT’s merger with CME announced in May, giving CBOT stockholders almost $1.5 billion in added value as well as other enhancements to the proposed CBOT/CME merger. LAMPERS sued the CBOT board in March, claiming that it had failed to maximize shareholder value in its merger with CME and to give adequate consideration to a competing bid by Intercontinental Exchange Inc. On June 4, 2007, LAMPERS filed an amended complaint that added claims for alleged disclosure inadequacies. The settlement announced on June 14 resolved the claims in that lawsuit. The formal settlement documents will be presented to the Vice Chancellor John W. Noble of the Delaware Chancery Court for his approval in the coming weeks. The vote on the proposed CBOT/CME merger is scheduled for July 9, 2007.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]

Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.


ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.