Zenith Pummeled By Shareholders Over $1.4B Deal

Law360, New York (March 31, 2010, 6:51 PM EDT) -- A month after announcing its $1.4 billion sale to Fairfax Financial Holdings Ltd., Zenith National Insurance Corp. is now facing five proposed class actions from shareholders over the pending deal.

The suits — filed in the Los Angeles County Superior Court and in the Delaware Court of Chancery since Zenith's February announcement —all claim that the $38 per share stockholders would receive is too low and accuse the company's directors of breaching their fiduciary by signing off on the deal, Zenith said Wednesday in a regulatory...
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