NewAlliance Investors Sue Over $2B First Niagara Deal

Law360, New York (September 8, 2010, 3:20 PM EDT) -- NewAlliance Bancshares Inc. and First Niagara Financial Group have been hit with a putative class action that claims a proposed $1.5 billion merger between the banks shortchanges NewAlliance shareholders.

The complaint, filed Friday in the Court of Chancery of the State of Delaware, claims NewAlliance officers breached their fiduciary duty in allowing the acquisition, which is now under investigation by the Connecticut attorney general, and asks the court to block the deal.

The suit, brought on behalf of public shareholders of NewAlliance, names the company, several...
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