Judge Rejects Bid To Block Wachovia Sale

Law360, New York (December 8, 2008, 12:00 AM EST) -- A North Carolina judge has blocked a shareholder lawsuit attempting to halt Wells Fargo & Co.’s $11.7 billion deal to purchase ailing bank Wachovia Corp., paving the way for the merger to move forward.

Judge Albert Diaz of the North Carolina Business Court denied a shareholder’s request for a preliminary injunction against the deal on Friday, saying that he found no basis for reversing the business judgment of Wachovia’s board.

“The stark reality is that the board recognized that Wachovia was on the brink of failure...
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