Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by Board of Hudson City Bancorp Inc

Levi & Korsinsky announced that it is investigating the Board of Directors of Hudson City Bancorp Inc (Hudson City or the Company) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to M&T Bank Corp. Under the terms of the transaction, Hudson City shareholders may elect to receive a consideration valued at 0.08403 of an M&T Bank Corp. share in either cash or stock for each Hudson City share they own, a value of approximately $7.22 a share. This represents an approximate transaction value of $3.7 billion. The investigation concerns whether the Hudson City Board of Directors breached their fiduciary duties to Hudson City stockholders by failing to adequately shop the Company before entering into this transaction and whether M&T Bank Corp. is underpaying for Hudson City shares, thus unlawfully harming Hudson City stockholders. In particular, Hudson City has a reported Book Value of $9.39 per share for the most recent quarter.