Wolf Popper LLP Challenges Merger Between Wells Fargo and Wachovia in North Carolina Business Court
On October 8, 2008, Wolf Popper LLP filed an action challenging the merger between Wells Fargo & Co. and Wachovia Corporation. The lawsuit, which is titled Ehrenhaus v. Baker, et. al, No.: 08CVS 22632, was filed in the Business Court division of the Superior Court in Meckenburg County, North Carolina.
The lawsuit alleged, among other things, that in breach of defendants’ fiduciary duties the merger agreement that Wells Fargo and Wachovia entered into contained provisions that improperly deprived Wachovia’s public shareholders of the ability to have a full and fair vote on the merger and tied the hands of Wachovia’s board of directors, preventing them from withdrawing from the merger.
The Business Court granted in part and denied in part plaintiff’s preliminary injunction motion, invalidating one of the provisions that plaintiff alleged were improper.
After plaintiff’s motion to amend the complaint was filed with the Court, the parties agreed to a resolution of the action, which is subject to Court approval.
For more information, contact:
Carl L. Stine, Esq.
cstine@wolfpopper.com
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