CBOT seeks partial summary judgment against CBOE |
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Published
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Fri, 12 Jan 2007 12:44
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CHICAGO, Ill. (AFX) - CBOT Holdings, Inc. (CBOT) has filed a motion for partial summary judgment in the Delaware Court of Chancery against the Chicago Board Options Exchange (CBOE).CBOT said the motion seeks a declaration from the court that the CBOE's charter and one of the contracts with CBOT bar CBOE from issuing any stock to CBOE members without allowing Exercise Right holders to participate.The motion also seeks a declaration that the CBOE breached its charter and a number of its agreements with the CBOT by seeking to unilaterally extinguish the Exercise Right and a declaration that the CBOE's directors breached their fiduciary duties to the Exercise Right holders by attempting to extinguish their rights.In the filing, the CBOT and the class argue that the undisputed facts of the case entitle them to a judgment in their favor. A class of Exercise Right holders joined in the filing.The CBOT created the CBOE. Since the CBOE's creation, its charter has provided that CBOT members have the right to become members of the CBOE.Nevertheless, the CBOE is now attempting to unilaterally terminate the Exercise Right. The CBOT has committed to protect the Exercise Rights of qualifying CBOT members and prevent the confiscation of those members' economic interests.newsdesk@afxnews.comjoyCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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