A March 15 decision by the Appellate Division, First Department, to stay a shareholder lawsuit over the New York Stock Exchange’s proposed merger with Atlanta-based Intercontinental Exchange, although on its face a merely procedural move, will likely put the fate of the merger in the hands of the Delaware Chancery Court.
The appeals court issued a 60-day interim stay in In re NYSE Euronext Shareholders/ICE Litigation, 654496/12, for further briefing on whether to stay the case pending appeal of Manhattan Supreme Court Justice Shirley Kornreich’s March 1 decision allowing it to go forward. Kornreich (See Profile) ruled that, even though a similar action was filed first in Delaware and is now pending before Chancellor Leo Strine, New York has a "significant interest" in the possible sale of one of its "iconic institutions," and should be allowed to continue alongside the Delaware action.
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