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FELDHEIM v. SIMS

No. 1-01-1399.

760 N.E.2d 123 (2001)

326 Ill. App.3d 302

260 Ill.Dec. 44

Timothy FELDHEIM, Steve Fanady, Leonard Goldstein, Rick Olswanger, Dave Bartelstein, John Zawaski, Virginia McGathey and John Schmidt, on behalf of themselves and all others similarly situated, Plaintiffs-Appellants, v. Frank L. SIMS, Michael B. Alexander, Jerry R. Steinborn, Truit E. Trogdon, and Burnell D. Kraft, on behalf of themselves and all others similarly situated, Defendants-Appellees.

Appellate Court of Illinois, First District, Fourth Division.

November 15, 2001.

Attorney(s) appearing for the Case

Sachnoff & Weaver, Ltd., Chicago (Lowell Sachnoff, Barry Rosen, Michael Richman, Edmund McAlister and Shobha Mahadev, of counsel), for Appellants.

Kirkland & Ellis, Chicago (Garrett Johnson, Robert Kopecky and Donna Welch, of counsel); Freeman, Freeman & Salzman, P.C., Chicago (Jerrold Salzman, Phillip Stern and Chris Gair, of counsel), for Appellees.

Justice HARTMAN delivered the opinion of the court:

This interlocutory appeal emanates from the proposed restructuring of the Chicago Board of Trade (CBOT), the largest futures and options exchange in the United States. The named plaintiffs each own "minority" membership interests in the CBOT. Their amended complaint sought declaratory and injunctive relief for themselves and as representatives of a class of all persons or entities who own CBOT minority memberships...

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