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Case Status:    DISMISSED    
On or around 01/22/2018 (Other)

Filing Date: October 07, 2015

According to the Complaint, Hudson City Bancorp, Inc. is a community bank that was founded in 1868, and has grown to become the largest thrift institution headquartered in New Jersey. It is a publicly-traded company, and is incorporated in Delaware.

On August 27, 2012, Hudson City announced that it would merge with Defendant M&T Bank Corporation, a bank located in Buffalo, New York whose focus is different than that of Hudson City (the “Merger”). M&T mainly focuses on commercial banking, and trust services.

The Merger was to be effected pursuant to a merger agreement dated August 27, 2012 (the “Merger Agreement”). Before it could close, the Merger required approval of the shareholders of Hudson City at a meeting which was scheduled to be held on April 18, 2013. At that meeting the Merger was approved, but did not close for two and a half years, due to regulatory concerns and legal compliance issues affecting M&T. The Complaint alleges that these legal compliance issues were not fully and fairly disclosed prior to the Merger vote. It was not until September 30, 2015 that federal regulators approved the Merger, which is now expected to close by November 1, 2015.

Plaintiff asserts herein the following claims on behalf of the Class: (a) a claim for negligent violation of the Section 14(a) of the Exchange Act and Rule 14a-9 against M&T and its directors and CFO; (b) a claim for negligent violation of these proxy laws against Hudson City and its directors; (c-d) claims against the directors of M&T and
Hudson City as “control persons” under Section 20(a) of the Exchange Act; and (e) a claim for breach of fiduciary duty against Hudson City’s directors.

On January 8, 2016, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiffs filed an amended Complaint on February 19. Defendants filed a Motion to Dismiss the amended Complaint on April 19. On March 30, 2017, the Court issued an Order granting Defendants' Motion to Dismiss. Lead Plaintiffs were given leave to amend some of the claims.

On April 20, 2017, Lead Plaintiffs filed a second amended Complaint. On May 26, Defendants filed a Motion to Dismiss the second amended Complaint. On October 27, the Court issued an Order granting Defendants' Motion to Dismiss. Lead Plaintiffs were given leave to amend the Complaint.

On November 17, 2017, Lead Plaintiffs filed a Notice stating that they would not file a third amended Complaint, but would stand upon the existing pleading and appeal the Court's October 27, 2017 Order. On December 12, Lead Plaintiffs filed a Notice of Appeal.

COMPANY INFORMATION:

Sector: Financial
Industry: Regional Banks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: MTB
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Delaware
DOCKET #: 15-CV-00897
JUDGE: Hon. Richard G. Andrews
DATE FILED: 10/07/2015
CLASS PERIOD START: 08/27/2012
CLASS PERIOD END: 10/07/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Law Offices of Bernard M. Gross (Philadelphia)
    John Wanamaker Building; 100 Penn Square East, Suite 450, Law Offices of Bernard M. Gross (Philadelphia), PA 19107
    215.561.3600 215.561.3600 · susang@bernardmgross.com
  2. Murphy & Landon
    1011 Centre Road, Suite 210, Murphy & Landon, DE
    302.472.8103 302.472.8135 ·
  3. Paskowitz Law Firm P.C.
    208 East 51st Street, Suite 380, Paskowitz Law Firm P.C., NY 10022
    (212) 685-0969 (212) 685-2306 ·
  4. Roy Jacobs & Associates (New York)
    60 East 42nd Street, 46th Floor, Roy Jacobs & Associates (New York), NY 10165
    212.867.1156 212.867.1156 · jacobs@jacobsclasslaw.com
No Document Title Filing Date
COURT: D. Delaware
DOCKET #: 15-CV-00897
JUDGE: Hon. Richard G. Andrews
DATE FILED: 04/20/2017
CLASS PERIOD START: 08/27/2012
CLASS PERIOD END: 10/07/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kaufman, Coren & Ress, P.C.
    Two Commerce Square, Suite 3900 , Kaufman, Coren & Ress, P.C., PA 19103
    215-735-8700 ·
  2. Kenneth A. Elan (New York)
    217 Broadway, Suite 606, Kenneth A. Elan (New York), NY 10007
    212.619.0261 212.619.2707 ·
  3. Murphy & Landon
    1011 Centre Road, Suite 210, Murphy & Landon, DE
    302.472.8103 302.472.8135 ·
  4. Paskowitz Law Firm P.C.
    208 East 51st Street, Suite 380, Paskowitz Law Firm P.C., NY 10022
    (212) 685-0969 (212) 685-2306 ·
  5. Roy Jacobs & Associates (New York)
    60 East 42nd Street, 46th Floor, Roy Jacobs & Associates (New York), NY 10165
    212.867.1156 212.867.1156 · jacobs@jacobsclasslaw.com
No Document Title Filing Date
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