M&T Asks High Court To Tackle 'Nightmare' Disclosure Ruling

Law360 (November 18, 2020, 5:49 PM EST) -- M&T Bank Corp. has asked the U.S. Supreme Court to examine the "nightmare scenario" created by a Third Circuit ruling that companies must disclose unknown facts and admit to wrongdoing that has not been charged by regulators, saying the decision creates a path for investors to extort settlements from innocent businesses.

In a petition for a writ of certiorari made public Tuesday, M&T, Hudson City Bancorp and related defendants urged the high court to review a June 18 circuit opinion reviving a proposed securities class action alleging M&T failed to disclose certain risk factors related to the companies' $3.7 billion merger...

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