TD Banknorth Puts Up $50M To End Shareholder Case

Law360, New York (April 21, 2009, 12:00 AM EDT) -- TD Banknorth Inc. has struck a deal with a class of former stockholders for $50 million to resolve an action arising out of its going-private merger, significantly upping an earlier $3 million proposed settlement rejected by a Delaware court two years ago.

Coughlin Stoia Geller Rudman & Robbins LLP, which represents the shareholder class, said Tuesday it secured a settlement in which the Portland, Maine-based financial services firm has agreed to pay $50 million in cash.

The settlement agreement is pending approval by the Delaware Chancery...
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