Encore Shareholders Blast Exec Perks In $250M Cadence Deal

Law360, New York (April 17, 2012, 5:22 PM EDT) -- Encore Bancshares Inc. shareholders launched a putative class action Monday in New York claiming the bank holding company’s planned $250 million sale to Cadence Bancorp LLC was sullied by conflicts of interest and golden parachutes for Encore executives.

The deal, announced March 6, was designed to advance the interests of Encore’s directors at the expense of the company and its public shareholders, according to the state court complaint by Reliant Equities. Encore CEO James D. D’Agostino negotiated the sale even though it would allow him to...
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