Additional compensation for class of NYSE seatholders in Archipelago Merger

Case Abstract
Lowey Dannenberg, led by Steve Lowey and Tom Skelton, sucessfully represented a class of New York Stock Exchange seat holders seeking to improve the terms of the merger transaction between the NYSE and Archipelago.

Client
Class of NYSE seatholders in Archipelago Merger.

Case Name
In re New York Stock Exchange/Archipelago Merger Litigation, (N.Y. Sup. Ct. December 5, 2005).

Result
Additional compensation.

Case Details
Lowey Dannenberg acted as co-lead counsel for a class of seatholders seeking to improve the terms of the merger between the New York Stock Exchange and Archipelago Holdings, Inc. As a result of the action, the merger terms were revised, providing the seatholders with more than $250 million in additional consideration. In addition, the NYSE agreed to retain an independent financial adviser to report to the Court as to the fairness of the deal to the NYSE seatholders. Plaintiffs also provided the Court with their expert's analysis of the new independent financial adviser's report. Both reports were provided to the seatholders prior to the merger vote.