The Delaware Supreme Court upheld the dismissal of appeals in a case over ownership rights at The Chicago Board Options Exchange, removing an obstacle to the CBOE's plan to turn itself into a for-profit shareholder company, the exchange said on Wednesday.

Given today's approval, we are consulting with our advisors regarding the timeline for demutualization, the CBOE said in a letter to its members. We plan to hold a membership meeting in the near future regarding the next steps.

The CBOE said on Tuesday it would pay $2.1 million to settle appeals in its long-running litigation over ownership rights, eliminating all remaining legal barriers to demutualization.

CBOE is the largest U.S. options exchange. Its path to demutualize its membership organization has been snagged in a legal battle with CBOT members over a decades-old agreement on trading rights.

Derivatives exchange CME Group Inc now owns CBOT.

(Reporting by Nick Zieminski and Jonathan Spicer)

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