Feldheim v. Sims

This interlocutory appeal emanates from the proposed restructuring of the Chicago Board of Trade (CBOT), the largest futures and options exchange in the United States. The named plaintiffs each own “minority” membership interests in the CBOT. Their amended complaint sought declaratory and injunctive relief for themselves and as representatives of a class of all persons or entities who own CBOT minority memberships.

Plaintiffs claimed that under Delaware law, the CBOT full member “majority” owed fiduciary duties to the minority in connection with any vote which affected the minority’s ownership…