December 27, 2018 / 1:32 AM / 5 months ago

Hudson shareholders can sue M&T Bank over pre-merger disclosures – 3rd Circuit

Hudson City Bancorp’s former shareholders can sue M&T Bank for waiting too long to tell them about an investigation that allegedly delayed the merger of the two consumer banks for more than two years, a federal appeals court held on Wednesday.

The 3rd U.S. Circuit Court of Appeals reversed the dismissal of a class action accusing M&T of violating federal securities law by failing to disclose past violations of consumer protection law and telling shareholders that the Federal Reserve Board was looking into its safeguards against money laundering only days before they were scheduled to vote on the merger.

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