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Compliance December 26, 2012
Pension Fund Sues NYSE Euronext over $8.2-Billion Deal
December 26, 2012 (PLANSPONSOR.com) - A pension fund is leading a class action lawsuit
against NYSE Euronext.
Reported by Jay Polansky
The New Jersey Carpenters Pension Fund contends that NYSE Euronext and the suit’s other defendants breached their fiduciary duties and due care in the sale of NYSE to IntercontinentalExchange Inc.The fund claims the terms of the $8.2 billion proposed sale undervalue the exchange’s stock.
“The Buyout is the product of a flawed process designed to ensure the sale of NYSE Euronext to ICE on terms preferential to ICE and designed to benefit NYSE Euronext’s insiders,” the pension fund said in its complaint, which was filed Friday in the Supreme Court of the State of New York.
The fund also claims the defendants hired financial advisers who were professionally and financially tied to them.
NYSE Euronext Shareholder Samuel Cohen also filed a proposed class action Friday over the proposed deal in the Delaware Chancery Court.
The complaint is available here.