$1.4B Fairfax-Zenith Deal Cheats Shareholders: Suit

Law360, New York (March 8, 2010, 6:06 PM EST) -- Shareholders of Zenith National Insurance Corp. have lodged a putative class action against the company and its directors, saying a proposed $1.4 billion acquisition by Fairfax Financial Holdings Ltd. would shortchange them.

NECA-IBEW Pension Trust Fund filed a complaint Friday in the Delaware Court of Chancery, naming Zenith National, its board chairman and eight of its directors as defendants and seeking an injunction against the proposed deal until the defendants explore options to maximize shareholder value.

The suit alleges breach of fiduciary duty against the individual...
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