Berger & Montague represented a former trader who brought a
shareholder class action on behalf of minority shareholders of the
Philadelphia Stock Exchange alleging breaches of fiduciary duty by
directors of the exchange and the exchange itself. A
settlement was reached on the eve of trial, providing for
consideration valued at over $99 million to class members and
significant changes to corporate governance to prevent the
recurrence of the disenfranchisement that occasioned the litigation
in the first place.