A New York judge has dismissed claims against the New York Stock Exchange and CEO John A. Thain, finding that the plaintiff tried to commit insider trading. Allison L. Wey alleged that Thain breached his fiduciary duty by concealing the exchange's pending transformation into a public company. She argued that she wouldn't have sold her exchange seat for $1.5 million had she been aware of the merger with Archipelago, pointing out that immediately after the merger was announced a seat sold for $2.4 million.
November 09, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A Manhattan judge has dismissed claims against the New York Stock Exchange and its chief executive officer, John A. Thain, finding that the plaintiff, a former seat holder in the exchange, attempted to commit insider trading.
Plaintiff Allison L. Wey purchased the seat from her father in 2000 for $1.1 million. She leased it to Bear Wagner Specialists, where her husband worked, and sold it on March 21, 2005, for $1.5 million.
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