North Carolina Business Litigation Report

Update On The North Carolina Lawsuit Seeking To Block The Wachovia-Wells Fargo Merger

If you are following the shareholder class action seeking to enjoin the Wachovia-Wells Fargo merger, Plaintiff filed his Brief in support of his Motion for Preliminary Injunction yesterday. 

The focal point of Plaintiff's argument is that the deal protection devices in the Wachovia-Wells Fargo Merger agreement were too hastily negotiated by the Wachovia board, and that the Board violated its fiduciary duties in agreeing to them.  As Plaintiff puts it, "the Board rolled over and accepted all of these provisions 'in derogation of their unyielding fiduciary duties.'" Brf. at 22. 

Wachovia's response to Plaintiff's Brief is due November 17th; and Plaintiff's reply is due November 21st.  A hearing is set for 2:00 p.m on November 24th.

 

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Mack Sperling
Brooks Pierce, LLP
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Greensboro, NC 27401
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Raleigh, NC 27601
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