CME Whacked With Discrimination Suit

August 12, 2003 ( - A former employee of Chicago Mercantile Exchange Holdings Inc. (CME) has filed suit in federal court alleging he was dismissed due to his race.

The latest revelation comes after the former employee originally sued the CME’s parent company in the Circuit Court of Cook County, Illinois in November 2002. In that suit, the ex-employee alleged he was wrongfully fired for trying to expose improprieties at the exchange, according to a Dow Jones report.

In June, the case was expanded to included dismissal due to race and was moved to the US District Court for the Northern District of Illinois, according to a CME Security and Exchange Commission (SEC) filing. The complaint alleges that his firing violated the federal civil rights acts of 1964 and 1866 and asks for more than $3 million in damages, as well as reinstatement.

The CME said in the filing that it has removed the state court action to federal court, but that the ex-employee has filed a motion to remand the state court action. As it had with the original state court suit, the exchange said that it believes the actions lack merit and that it plans to defend them vigorously.