December 26, 2012 (PLANSPONSOR.com) - A pension fund is leading a class action lawsuit
against NYSE Euronext.
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.