The New York Stock Exchange has resolved litigation from some of its members that sought to block its vote on a merger with Archipelago Holdings Inc.

“We are pleased with the resolution of this litigation which allows our members to vote as planned on the proposed merger on December 6. This resolution is in the best interests of our members, the future of the NYSE, and America’s capital markets,” said John Thain, CEO of the NYSE, in a statement.

Following news of the settlement, seat prices on the NYSE reached a new record high. A seat sold today on the New York Stock Exchange for US$3,25 million marking a new historic high over the previous record sale of $3.025 million set on Nov. 14, 2005.

The current bid-offer spread is now huge, with the bid at $2.9 million, and the offer at $10 million.