North Carolina Business Litigation Report

Frazier v. Beard, 1996 NCBC 1 (N.C. Super. Ct. Oct. 24, 1996)(Tennille), aff'd, 130 N.C.App. 484, 506 S.E.2d 298 (1998)

Plaintiffs sold their stock in Citizens Savings Bank, and the stock increased in value significantly after Citizens merged with BB&T. Plaintiffs claimed that the various buyers of the stock had been unjustly enriched. The court granted summary judgment, because the buyer had no knowledge of the merger transaction and because Plaintiffs had already recovered a significant settlement from a bank officer who misled them as to the status of merger negotiations.

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Mack Sperling
Brooks Pierce, LLP
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Greensboro, NC 27401

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