Sovereign and Relational Settle Bitter Legal Dispute

Law360, New York (March 23, 2006, 12:00 AM EST) -- Sovereign Bancorp and its biggest shareholder Relational Investors LLC penned a settlement deal on Wednesday, ending a protracted legal dispute that has ensnared the two companies for the last five months.

"We are delighted to have these disputes resolved and put behind us," said Jay Sidhu, president, chairman and CEO of Sovereign, in a statement.

Relational, an asset management firm, has been embroiled in a legal tussle with Pennsylvania-based Sovereign after the bank announced plans to sell a 19.8% ownership stake to Spain's Grupo Santander for...
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