PHLX court settlement approved

23 Oct 2007 email

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At a time when Philadelphia Stock Exchange (PHLX) is rumoured to be on the verge of being bought out, Delaware Chancery Court has made a timely approval of a settlement in the case involving and one of its members, Chuck Ginsburg.

Ginsburg had challenged PHLX’s decision in 2005 to sell 90% of PHLX to six brokers and other Wall Street firms. Ginsburg said that the sale diluted the original shareholders’ stakes illegally.

"This is a very exciting time for the Exchange and we are delighted that the Delaware court has approved settlement of the litigation which has created uncertainty at the Exchange for the last 16 months. This is a good result for the Exchange and all of its constituents," said Meyer Frucher, PHLX CEO.

PHLX has recently been linked with a buyout by Goldman Sachs.

"Some market participants are worried that these proposals will constrain liquidity and make it harder for firms to hedge themselves effectively with OTC derivatives."

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