Pa. Court Denies Philly Exchange's Right To Legal Fees

Law360, New York (July 17, 2012, 3:55 PM EDT) -- A Pennsylvania appeals court on Monday overturned a lower court's decision in favor of Nasdaq OMX PHLX, formerly the Philadelphia Stock Exchange, in its suit seeking about $900,000 in unpaid legal fees stemming from a long-running fight over a failed merger and other corporate changes.

The case focused on the exchange's Rule 651, which stipulates that any member that sues the stock exchange and fails to prevail must pay its legal fees in excess of $50,000. The three-judge panel found both that the exchange lacked the...
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