BankAtlantic Can't Escape Suit Over $3.1B BB&T Deal

Law360, New York (January 4, 2012, 7:26 PM EST) -- BankAtlantic Bancorp Inc. investors dodged an effort Tuesday to dismiss their Delaware suit seeking to halt the $3.1 billion sale of the bank’s prime assets to BB&T Corp., which they say improperly allows the buyer to evade a contract to repay $333 million in trust-preferred securities.

Delaware Chancery Court Vice Chancellor J. Travis Laster denied BankAtlantic's motion to dismiss the suit in a bench ruling, according to an attorney for the plaintiffs.

“We're obviously very pleased with the judge's decision,” Jonathan E. Pickhardt of Quinn Emanuel...
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