PHILADELPHIA, July 8 /PRNewswire-USNewswire/ -- Berger & Montague, P.C. on behalf of the former Class A shareholders of the PHLX announces that the Delaware Chancery Court has approved its plan of allocation of the settlement proceeds in the case of Ginsburg v. Philadelphia Stock Exchange, et al. Based upon the pending acquisition of the PHLX by NASDAQ, the settlement proceeds to be distributed are now valued at $99 million or more. Chancellor William Chandler's ruling on July 2, 2008 adopted Class Counsel's proposed allocation plan over five objections filed in response to the allocation plan. The Court ruling also awarded attorneys' fees of $16 million plus fees to the class plaintiff and two class members for service to the Class. The Chancellor, when awarding counsel's fee, observed, "Counsel, again, I want to thank you for your extraordinary efforts in obtaining this result for the class."
This case was litigated against the Philadelphia Stock Exchange ("PHLX"), the Board of Governors of the PHLX and six major investment firms (UBS Securities, LLC, Morgan Stanley & Co., Inc., Citigroup Financial Products, Inc., Credit Suisse First Boston, Citadel Derivatives Group, LLC and Merrill Lynch, Pierce Fenner & Smith Incorporated). Lawrence Deutsch of Berger & Montague, who represented the class, explains: "The settlement includes a return to the Class A Shareholders of 14% of the shares held by the six defendant firms, now valued at more than $82 million; the cancellation of 14% of the restricted stock units that had been issued to Meyer Frucher, the Chairman of the Exchange; plus $17.1 million in cash." All claim forms to participate in the distribution must be submitted by July 30, 2008.
Counsel for the class of PHLX shareholders were attorneys Lawrence Deutsch and Robin Switzenbaum of the law firm of Berger & Montague, P.C. and attorneys Joseph Rosenthal and Jessica Zeldin of the Delaware law firm of Rosenthal, Monhait & Goddess, P.A.
For further information, please contact Plaintiff's Class Counsel:
Lawrence Deutsch, Esquire
Robin Switzenbaum, Esquire
Berger & Montague, P.C.
1622 Locust Street
Philadelphia, PA 19103
Phone: 800-424-6690 or 215-875-3000
Fax: 215-875-5715
For details of the litigation you may view Berger & Montague's Website:
E-Mail: ldeutsch@bm.net ; rswitzenbaum@bm.net
Source: Berger & Montague, P.C.
