Chicago Options Associates
| For-profit | |
| Industry | Finance |
| Founded | 1987 |
| Founder | Michael E. Davis Oliver R. W. Pergams |
| Headquarters | Chicago, Illinois, United States |
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Key people
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Michael E. Davis Oliver R. W. Pergams Jimmy Wales |
| Services | Trading: options and futures contracts |
Chicago Options Associates (COA) is a finance company in Chicago, Illinois which specializes in trading options and futures contracts. It was founded in 1987 by Oliver R. W. Pergams and Michael E. Davis. In 1994 Davis was its chief executive officer, hiring then-graduate student Jimmy Wales as research director; Wales served in this position until 1998.
The company and Davis were the subject of litigation resulting from a 2007 Illinois Supreme Court decision. In Dowling v. Chicago Options Associates, plaintiff Brian Dowling successfully sued the company (and Davis), winning a judgement of US$817,830.45 from both defendants. Davis tried to shield his assets by transferring funds to a law firm, DLA Piper, which had assisted him in buying a home in Florida. During this representation, Davis paid a retainer of $100,000 to DLA Piper; Dowling maintained that he was owed this money. Although the circuit and appellate courts agreed with Dowling, the Illinois Supreme Court reversed and found with DLA Piper. The Illinois State Bar Association and Chicago Bar Association filed amicus curiae briefs in the case, favoring the law firm's position. This decision by the Illinois Supreme Court was the first time the concept of "advance payment retainer" was recognized in the state, and the court codified its ruling into a 2009 regulation affecting legal practice in Illinois.
Chicago Options Associates is a finance company incorporated in Chicago, Illinois which specializes in trading options and futures contracts. It was founded in 1987 by Michael E. Davis (a 1983 MBA graduate from the University of Chicago) and Oliver R. W. Pergams, who received a bachelor's degree from that school in 1981. The company originally had offices in Chicago and Philadelphia, Pennsylvania. The chief executive officer of Chicago Options Associates in 1994 was Michael Davis, and the company had established a successful reputation in Chicago.
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