Calpers Seeks SEC Muscle in Sovereign Bank Spat

Law360, New York (January 20, 2006, 12:00 AM EST) -- The California Public Employees' Retirement System (Calpers), the nation’s largest public pension fun, has joined the tug-of-war between Sovereign Bancorp Inc. and a growing group of institutional investors over a complicated deal that involves selling 20% of the company’s shares to a Spanish bank.

Calpers filed a plea to the U.S. Securities and Exchange Commission to invalidate the New York Stock Exchange's prior authorization to let the controversial deal go forward without a shareholder vote.

“Respect for [shareholders’] rights must be fought for with vigilance when...
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