Nymagic Shareholders Sue Over $230M ProSight Deal

Law360, New York (July 19, 2010, 6:42 PM EDT) -- Shareholders of Nymagic Inc. have lodged a class action accusing the company of breaching a fiduciary duty to look out for their best interests during negotiations for ProSight Specialty Insurance Holdings Inc.'s recent $230 million acquisition of the insurer.

Stockholders won't receive the maximum value for their shares thanks to a failure by Nymagic's board of directors to conduct an appropriate sales process for the transaction, the putative class complained Friday in the Supreme Court of the State of New York.

“The value of Nymagic's stock...
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