Chicago Board of Trade (CboT) now faces another delay in its
plans to restructure the exchange into a for-profit company
after minority shareholders scored a victory in court last
An Illinois Appellet Court judge ruled that a "fairness
hearing" must now be held to determine whether the proposed
allocation of shares to members is appropriate for all
membership classes. Under the current plan, CBoT's 2,230
minority members would get about 12% of the shares in the
company, while the remaining 88% would go to full members.
In a letter to members, CBoT chairman Charlie Carey
explained that the court reversed a previous ruling on 8 August
2002, which ruled in favour of CBoT's full members. Exchange
officials at that time believed they won the case last year.
The latest ruling came as a surprise to exchange officials and
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