Shareholder Tweaks Suit After Sovereign Delays Meeting

Law360, New York (January 5, 2006, 12:00 AM EST) -- A move by Sovereign Bancorp Inc. to delay its annual meeting by several months has enraged its largest shareholder, which claims the company’s management is trying to push through a complicated merger deal without the support of investors.

Top shareholder Relational Investors amended its existing litigation against the Philadelphia company and sought to block a proposed delay after Sovereign said Wednesday that its annual shareholders meeting would be postponed by more than four months.

Sovereign announced that it has moved the date of the meeting, originally...
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