$99M PHLX Settlement Ends Federal Case: 3rd Circ.

Law360, New York (August 13, 2010, 4:37 PM EDT) -- A $99 million settlement in a state breach of fiduciary duty suit former Philadelphia Stock Exchange seat holders brought against the exchange's board and larger “strategic investors” precludes federal claims, an appeals court has ruled, ending a challenge by settlement class members who resisted the deal.

The disgruntled seat holders, including Market Street Securities Inc. and McGowan Investors LP, had their day in court when they battled the deal in Delaware, the U.S. Court of Appeals for the Third Circuit ruled Thursday, upholding the dismissal of...
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