Judge Lets $600M Citigroup Unit Sale Move Ahead

Law360, New York (December 2, 2010, 4:49 PM EST) -- In a putative class action brought by Student Loan Corp. shareholders, a Delaware judge has refused to bar Citigroup Inc.'s $600 million sale of the company to Discover Financial Services and set a trial to determine if SLC's directors breached their fiduciary duties by recommending the deal.       

At a hearing Wednesday in the Court of Chancery in the State of Delaware, Vice Chancellor J. Travis Laster denied a preliminary injunction against the deal. He also rejected the plaintiffs' summary judgment motion claiming the...
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