Philly Transit Co. Sues To Halt ICE's $8.2B NYSE Buy

Law360, Wilmington (January 3, 2013, 6:35 PM EST) -- The Southeastern Pennsylvania Transportation Authority launched a proposed class action Thursday on behalf of NYSE Euronext Inc. shareholders challenging IntercontinentalExchange Inc.'s $8.2 billion bid for the exchange operator, claiming the deal gives investors the shaft.

In a complaint filed in Delaware Chancery Court, SEPTA — which runs the Philadelphia-area transit system — faulted NYSE’s board for allowing ICE to pounce on the company while its stock is still slumping in the wake of last year’s failed $11 billion merger with another stock exchange, Germany’s Deutsche Boerse...
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