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Suit Proceeds Against NYSE and its CEO

Posted Apr 13, 2007 7:28 AM CDT
By Debra Cassens Weiss

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A New York judge has refused to dismiss a lawsuit against the New York Stock Exchange and its CEO.

Justice Charles E. Ramos ruled the suit can proceed against CEO John Thain for fraud and breach of fiduciary duty, and the exchange can be held vicariously liable for Thain’s actions, the New York Law Journal reports.

The plaintiff claims Thain knew of an upcoming merger with Archipelago Holdings but told traders it would not take place. She sold her seat shortly before the merger took place, and seat values increased.

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