Judge Greenlights Capitol Bancorp Share Exchange

Law360, New York (October 2, 2009, 6:38 PM EDT) -- A federal judge has allowed bank development company Capitol Bancorp Ltd. to close an offer to exchange stock in several of its subsidiaries for new CBC stock, dissolving a preliminary injunction in a lawsuit filed by an investor opposing the exchange.

Judge Robert Holmes Bell of the U.S. District Court for the Western District of Michigan ruled Wednesday that plaintiff Humberto Lopez, acting as trustee for a family trust, wouldn't suffer irreparable harm if the exchange closed, thanks to a recent decision by CBC's board converting...
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