Relational Strikes Back At Controversial State Law

Law360, New York (March 3, 2006, 12:00 AM EST) -- Sovereign Bancorp Inc.’s largest shareholder, Relational Investors LLC, has sued the state of Pennsylvania, Governor Ed Rendell and legislative leaders for ushering in a widely criticized law that offers protection to Sovereign’s executives and directors against a shareholder challenge, charging that the state legislature bent its own rules to ensure the bill’s swift passage.

“This legislation was enacted for the private benefit of the management and board of directors of Sovereign, a fact readily admitted by legislative leaders and the governor,” stated Relational in its petition...
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