M&T Case Revival Threatens Capital Markets, High Court Told

Law360 (December 18, 2020, 5:56 PM EST) -- Three top financial industry groups urged the U.S. Supreme Court Thursday to overturn a Third Circuit ruling that reinstated a stockholder suit accusing M&T Bank of failing to fully disclose the risks of a $3.7 billion merger, saying the decision could harm capital markets.

In their amicus brief, the Securities Industry and Financial Markets Association, American Bankers Association, and Bank Policy Institute argued that the appellate panel erred in June when it revived the securities class suit over disclosures in M&T's merger with Hudson City Bancorp.

Shareholders challenged the deal in October 2015, more than two years after it was announced...

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