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Court Allows Sovereign Legal Battle To Continue

Law360 (February 22, 2006, 12:00 AM EST) -- In a move that will allow the largest shareholder in Sovereign Bancorp to press on with its legal assault against a controversial merger deal, a judge has handed down a ruling that mildly reprimands Relational Investors but leaves the shareholder with most of its legal arsenal intact.

Judge Albert Stallone’s ruling is the latest development in a bitter dispute that started when Sovereign’s management penned a merger deal involving Spain’s Banco Santander and New York’s Independence Community Bancorp amid fierce opposition from several major shareholders....
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