StellarOne Settles Shareholder Suit Over $445M Union Merger

Law360, New York (February 4, 2014, 3:55 PM EST) -- A Virginia federal judge granted preliminary approval Wednesday to a settlement in a proposed class action lodged by a StellarOne Corp. shareholder who sought to block the community bank’s $445 million merger with Union First Market Bankshares Corp., according to court documents.

U.S. District Judge Norman Moon ruled that the preliminary settlement, which requires StellarOne to release additional information about the transaction, is fair. The settlement does not include any additional compensation for StellarOne shareholders and payment of any attorneys' fees has not yet been determined,...
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