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NYSE seat holder files suit to block exchange merger

[JURIST] William Higgins, holder of a seat on the New York Stock Exchange (NYSE) [corporate website], filed suit in New York state court Monday in a bid to block the NYSE merging with electronic stock market Archipelago Holdings. The merger announced last month would transform the NYSE into a public, for-profit organization [JURIST report]. Higgins alleges that NYSE Chief Executive John Thain [official profile] and the exchange's board of directors agreed to a merger that would be unfavorable to NYSE seat holders and in breach of their own fiduciary duties. Higgins filed a similar suit against adviser to the merger Goldman Sachs Corp [corporate website], where Thain was president, citing conflict of interest. AP has more.

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Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible format.

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