Strine Limits Lead Plaintiff Trades In NYSE Merger Suit

Law360, New York (April 17, 2013, 3:30 PM EDT) -- The Delaware Chancery Court last month offered some guidance on when and how lead plaintiffs in securities and merger class actions can sell the shares that earned them that role. The answer: very carefully, if at all.

In ongoing litigation related to the $8.2 billion merger of NYSE Euronext and IntercontinentalExchange Inc., Chancellor Leo E. Strine, Jr. held that the lead plaintiffs — a Louisiana pension fund, an investment arm of German bank Landesbank Baden-Wurttemberg and a married couple — must retain 75 percent of their shares...
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