Sovereign Battle Heats Up With Suit, NYSE Complaints

Law360 (November 11, 2005, 12:00 AM EST) -- The battle between Sovereign Bancorp and some of its largest shareholders over two acquisition deals is turning nastier by the day.

On Friday, the chairman of the New Jersey State Investment Council sent a letter to the New York Stock Exchange to ask the exchange to reject the deals or make them subject to a shareholder vote.

The "byzantine" deal involving Sovereign, Banco Santander Central Hispano S.A., and Independence Community Bank Corp. is "a parody" of New York Stock Exchange rules and regulations, Orin S. Kramer,...
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