Philadelphia Stock Exchange Settles Shareholder Suit

Law360, New York (October 23, 2007, 12:00 AM EDT) -- The Philadelphia Stock Exchange announced Monday that a court had approved a settlement with a class of shareholders that alleged the exchange diluted their shares by selling the majority of its equity to national securities brokerages without consulting them.

Berger & Montague PC, which represents the plaintiffs, estimated that the settlement would likely amount to $67 million to $80 million or more, depending on the value of the Philadelphia Exchange's stock.

"This is a very exciting time for the exchange and we are delighted that the...
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