Danvers Shareholder Fights $493M People's United Buy

Law360, New York (February 2, 2011, 7:21 PM EST) -- A Danvers Bancorp Inc. shareholder has filed a putative class action to stop People's United Financial Inc. from buying the Massachusetts bank for $493 million, saying the deal deters other suitors and lavishes unfair windfalls on executives.

Michael Rubin filed the suit Tuesday in the Delaware Chancery Court, accusing more than a dozen Danvers Bancorp officers and directors of breaching their fiduciary duties by striking the merger deal, and accusing People's United and Danvers Bancorp of aiding those breaches.

People's United revealed the deal Jan. 21,...
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