A single dollar bill - the CBOE would pay 4.17 million of them
to settle litigation.
According to the Chicago Tribune, the Chicago Board Options Exchange is close to settling appeals of exercise-right litigation. The settlement would clear a legal hurdle to the firm’s demutualization allowing the firm to issue an initial public offering or be acquired.
Under the terms of the deal, the CBOE would pay $4.17 million to appealing parties, with CME Group reimbursing the exchange for one-half the amount. The deal must be approved by the Delaware Supreme Court within two weeks.
For more information read the Tribune's story here, and check out the CBOE Web site.
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