Bob Singer, a partner in the Greensboro office of Brooks Pierce, was recently quoted by the Triangle Business Journal in an article on lawsuits resulting from bank mergers.
The article addresses the commonality of the lawsuits filed by shareholders when one bank purchases another bank. Often, they’re filed by out-of-state law firms on behalf of plaintiffs who only have a few shares of stock in the bank. According to Singer, who also serves as corporate counsel for the North Carolina Bankers Association, most of these cases do not delay the purchase deals as the plaintiffs often do not file for injunctions on the transactions and the cases are often settled for the cost of legal fees.
“Those cases are under a lot of criticism right now,” he told the Triangle Business Journal, noting that North Carolina Business Court has taken a “very measured approach” in awarding plaintiff’s attorneys fees, for example.
The article, which also appeared in the Triad Business Journal and the Charlotte Business Journal, can be viewed with a subscription here.