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Legislators Prompt Sovereign Shareholder To Pull Suit

Law360 (February 17, 2006, 12:00 AM EST) -- Citing a widely criticized Pennsylvania law recently enacted to aid Sovereign Bancorp Inc., the company's largest shareholder abandoned one of its lawsuits against the bank this week.

Amid opposition from shareholders and charges that the state legislature bent its own rules to ensure the bill’s swift passage, the law was passed last week to offer protection to executives and directors of Pennsylvania’s Sovereign Bank against a shareholder challenge.

The law changes state procedure in terms of how shares are counted in determining whether a transaction requires...
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