HIGGINS v. NY STOCK EXCH.


10 Misc.3d 257 (2005)

806 N.Y.S.2d 339

WILLIAM J. HIGGINS, on Behalf of Himself and All Others Similarly Situated, Plaintiff, v. NEW YORK STOCK EXCHANGE, INC., et al., Defendants.

Supreme Court, New York County.

September 2, 2005.


Attorney(s) appearing for the Case

Boies Schiller & Flexner, LLP, Amonk (Jonathan D. Schiller of counsel), for Goldman Sachs Group, Inc., defendant.

Wachell Lipton Rosen & Katz, New York City (Paul Vizcarrondo of counsel), for New York Stock Exchange, Inc., defendant.

Grant & Eisenhofer P.A., New York City (Jay W. Eisenhofer of counsel), for plaintiff.

Sullivan & Cromwell, LLP, New York City (David B. Tulchin of counsel), for Archepelago Holding, LLC.

Lowey Dannenberg Bemporad & Selinger, P.C., White Plains, for William Tipton Caldwell, Jr.


OPINION OF THE COURT

CHARLES EDWARD RAMOS, J.

This dispute arises out of the proposed merger between the New York Stock Exchange, Inc. (NYSE) and Archipelago Holdings, LLC.

In sustaining plaintiffs' direct shareholder class action complaints challenging the fairness of the merger that was allegedly tainted by numerous conflicts of interest and for an unfair price, this court is applying a merits-based analysis, akin to Delaware's approach to reviewing...

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