The New York Stock Exchange was ordered to provide all documentation related to its proposed merger with Archipelago Holdings Inc. to NYSE seat holders Robert Dill and Michael Quinn, who sued to gain access to them, according to a statement from Grant & Eisenhofer, the law firm representing the seat holders.
Big Board spokesman Ray Pellecchia said the exchange would appeal the decision "in an effort to uphold the principal that disclosure should not be selective."
The ruling was handed down today by New York State Supreme Court Judge Charles Ramos.
In a separate ruling, Judge Ramos denied the NYSE's motion for protective order, which will allow seat holder William J. Higgins to proceed with a discovery motion related to a consolidated class-action suit challenging the Archipelago merger, announced April 20.
Mr. Higgins alleges that the NYSE board breached its fiduciary duty by structuring merger terms with Archipelago that were unfavorable to seat holders.