Sovereign Bancorp suffered a setback Thursday in its battle with its largest investor, as a New York judge ruled that shareholders have the right to remove the Philadelphia-based bank's directors without cause. The ruling came on a day when the raging battle between Sovereign and Relational Investors seemed to gather intensity. Before the ruling was announced, Relational said it had filed a lawsuit against the Pennsylvania government over a recent law that would protect the Sovereign board.
March 06, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Sovereign Bancorp suffered a setback Thursday in its battle with its largest investor, as a New York judge ruled that shareholders have the right to remove the Philadelphia-based bank’s directors without cause.
The ruling by U.S. District Court Judge Alvin K. Hellerstein came on a day when the raging battle between Sovereign and Relational Investors LLC of San Diego seemed to gather intensity.
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