Ill. Court Nixes $11M Fraud Verdict Against Ex-NYSE Head

Law360, New York (December 2, 2011, 9:53 PM EST) -- An Illinois appeals court on Friday reversed an $11 million jury verdict against former New York Stock Exchange president Gerald Putnam and two others accused of defrauding a former business partner out of millions related to the development of electronic stock exchange Archipelago Holdings LLC.

A three-judge panel said former Chicago Mercantile Exchange trader Lewis Borsellino couldn't collect the damages awarded by a Cook County, Ill., jury in November 2009 because he had agreed to drop future claims against Putnam, Marrgwen Townsend and Stuart Townsend in...
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