TCF Financial Investor Says $45B Bank Merger Lacks Key Info

Law360 (May 6, 2019, 7:26 PM EDT) -- A shareholder of Midwestern bank system TCF Financial Corp. filed a proposed class action Monday in Delaware Chancery Court alleging the bank's directors left important information out of a deal registration statement detailing a proposed merger that would create a regional bank system with $45 billion in assets.

Investor Edward Nelson said statements filed with the U.S. Securities and Exchange Commission omitted material information needed for shareholders to assess the proposed merger with Chemical Financial Corp. before a vote scheduled for early June, naming TCF and its directors as defendants.

Specifically, the statements approved by the board did not disclose TCF's...

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