NYSE seat holder files suit to block exchange merger

[JURIST] William Higgins, holder of a seat on the New York Stock Exchange (NYSE) [corporate website], filed suit in New York state court Monday in a bid to block the NYSE merging with electronic stock market Archipelago Holdings. The merger announced last month would transform the NYSE into a public, for-profit organization [JURIST report]. Higgins alleges that NYSE Chief Executive John Thain [official profile] and the exchange's board of directors agreed to a merger that would be unfavorable to NYSE seat holders and in breach of their own fiduciary duties. Higgins filed a similar suit against adviser to the merger Goldman Sachs Corp [corporate website], where Thain was president, citing conflict of interest. AP has more.



 

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