Another Suit Targets NYSE

A second former New York Stock Exchange member has sued the Big Board and its chief executive, John Thain, over claims that she was not told of the exchange's plans to go public when she sold her seat last March.

The suit comes a day before the merger of the exchange and Archipelago Holdings(AX Quote), one of the largest electronic trading operators, is expected to close. Shares of the new company, the NYSE Group, are expected to begin trading on Wednesday under ticker symbol NYX.

Filed in New York State Supreme Court last Thursday, the suit asks for $2.5 million in damages and states the exchange violated its fiduciary duty by not disclosing full information about the impending sale. ...