We represented the CBOT in litigation in the Delaware Court of Chancery and in SEC proceedings between its members and the Chicago Board of Options Exchange over CBOT members' claims to ownership interest in CBOE. The case resulted in a settlement which produced benefits to CBOT members valued at $1 billion. Chicago Board of Trade v. Chicago Board of Options Exchange, No. 2369-VCN (Delaware).
We represented the CBOT and CBOT Board of Directors in litigation in the Delaware Court of Chancery resulting from the CBOT's Board approval of the merger with the Chicago Mercantile Exchange and rejection of a competing proposal. Louisiana Municipal Police Employees' Retirement System v. CBOT Holdings, Inc., et al., No. 2803-VCN (Delaware).
Michael Forde tried two cases on behalf of three Sprint 'affiliates' in cases they filed in the Delaware Court of Chancery and Cook County Circuit Court. These affiliates of Sprint Nextel Corporation were third parties who had the exclusive right to provide Sprint mobile service in certain large geographic areas. After Sprint announced its $35 billion merger with Nextel Communications, Inc., these affiliates filed separate suits against Sprint in Delaware and Cook County alleging that the merger would result in a breach of their exclusivity rights. In the Delaware case, the Court of Chancery issued an injunction barring Sprint Nextel from engaging in certain marketing activities. In the Illinois case, the court issued an injunction requiring Sprint Nextel to divest itself of the Nextel network and assets in our client's service area. The Appellate Court affirmed this decision. Sprint ultimately resolved the case by acquiring our clients for approximately $831 million in cash and assumed debt.
Some of our lawyers also represented three Sprint affiliates in litigation pending in Delaware and Illinois that sought to enjoin the closing of an $11 billion transaction in which Sprint agreed to contribute certain assets to a new venture to be called Clearwire in exchange for a majority interest in the new company. Sprint announced that it was acquiring Virgin Mobile USA, Inc. Our lawyers filed another lawsuit on behalf of the affiliates in Illinois seeking to enjoin the closing of the Sprint-Virgin transaction. Sprint ultimately resolved both of those cases when it acquired our clients.