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North Fork Bank To Settle Shareholder Lawsuit

Law360 (August 8, 2006, 12:00 AM EDT) -- Hoping to cash in soon on its planned merger with Capital One Financial Corp., North Fork Bancorp Inc. announced Tuesday that it agreed in principle to settle a class action shareholder lawsuit.

In mid-march, North Fork’s shareholders filed four separate putative class action complaints against the bank and its directors after investors accused the directors of failing to maximize shareholder value in the transaction, thus breaching their fiduciary duties.

The suit alleged that North Fork and its directors failed to disclose in public filings information relating...
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