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Posted: Wednesday, 04 November 2009 9:06AM
Former Merc trader wins $11M case against ex-NYSE boss
Steve Miller Reporting
WBBM Newsradio 780
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CHICAGO (WBBM) -- An $11 million loss in a Chicago courtroom for the former president of the New York Stock Exchange.
The man who was head of the New York Stock Exchange, Gerald Putnam, has come out on the losing end of a business partnership dispute.
"He cheated Lewis Borsellino out of something in which Lewis had $11 million in interest. And it was a difficult case to prove and we were very happy that we did," says Jon Loevy, attorney for Lewis Borsellino.
Borsellino is a former trader on the Chicago Mercantile Exchange, who was Putnam's one- time business partner in a company that eventually became Archipelago Holdings.
A Cook County jury has awarded Borsellino $11 million.
Borsellino had wanted $100 million, and Loevy says they will appeal the judge's decision to not allow punitive damages in the case.
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