Chicago Board of Trade (CBoT)'s ongoing feud with
Chicago Board Options Exchange (CBOE) ended up in court after
CBoT filed a lawsuit over equity rights in the latter's
demutualisation which could hand a proportion of control to
CBoT. The court case could be a protracted one given the
complicated nature of the issue and could stall CBOE's plans to
CBoT's suit charges that its full members should be allowed
to participate in CBOE's restructuring. The suit adds that CBoT
members who hold an exercise right should also participate
equally in any distribution of CBOE stock, therefore benefiting
from any profits made when it eventually enters an IPO. CBoT
said it believed such claims were carried within CBOE's own
Certificate of Incorporation and other subsequent agreements
between the two exchanges.
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