The Philadelphia Stock Exchange and six Wall Street firms that became its investors last year are being sued by a shareholder, alleging the transaction diluted his ownership interest without adequate compensation. The six financial institutions invested between $3.75 million and $7.5 million apiece in the exchange for a 45 percent stake. The firms saw ownership of the exchange as a hedge against possibly higher transaction costs from the dominant New York Stock Exchange and Nasdaq Stock Market.
June 08, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The Philadelphia Stock Exchange and six Wall Street firms that became its investors last year are being sued by a shareholder, alleging that the transaction diluted his ownership interest without adequate compensation.
The lawsuit, filed under seal in Delaware’s Court of Chancery on Tuesday because of confidential documents provided by the exchange, also named as defendants Citigroup Inc., Merrill Lynch & Co., Credit Suisse Group, Morgan Stanley & Co., UBS AG and Citadel Derivatives Group LLC.
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