Santander Consumer Sued In Del. Over Public Stock Buyback
Law360 (November 19, 2020, 2:16 PM EST) -- Minority stockholders of subprime auto lender Santander Consumer USA Holdings sued the company's directors and controlling investor in Delaware's Chancery Court late Wednesday, citing ill-timed stock buybacks that cost the company hundreds of millions solely for the controller's gain.
The heavily redacted suit alleges breaches of fiduciary duty both directly against those named and derivatively against the directors, accusing SC USA of pushing a series of stock buybacks through without independently considering or securing benefits for the company or its stockholders. Some took place days before company share prices fell amid COVID-19 pandemic concerns and after alarms had been sounded about...
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