Suits Over CME Acquisition Of NYMEX Nixed

Law360, New York (October 1, 2009, 3:00 PM EDT) -- A Delaware state court has dismissed two actions brought against CME Group over its acquisition of the New York Mercantile Exchange.

On Wednesday the Delaware Chancery Court dismissed suits brought by NYMEX shareholders and exchange seat holders alleging various fiduciary failures related to the acquisition.

The two actions also named NYMEX Chairman Richard Schaeffer, President James Newsome and other members of the board.

The plaintiffs had alleged the board agreed to sell NYMEX through an unfair process and at an inadequate price in order for Schaeffer...
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