Wachovia shareholder files suit to block merger

“Irving Ehrenhaus has filed a class-action lawsuit asking N.C. Business Court Judge Albert Diaz to stop the $15 billion acquisition. In the first shareholder suit related to the deal, Ehrenhaus complains the merger announced Oct. 3 is in breach of Wachovia board members’ fiduciary duties, saying the bank will essentially force shareholders to approve the sale.”

Read more by Kirsten Valle at the Observer.

This entry was written by Matthew Tyndall, posted on 21 Oct 08 at 5:05 pm, filed under Economy, Quick Links. Bookmark the permalink. Follow any comments here with the RSS feed for this post. Post a comment or leave a trackback: Trackback URL.