New Pa. Law Works In Sovereign's Favor

Rieker, Matthias
February 2006
American Banker;2/14/2006, Vol. 171 Issue 30, p3
Trade Publication
This article focuses on Sovereign Bancorp Inc.'s fight against activist shareholders with help from the state of Pennsylvania. A bill Pennsylvania Governor Edward G. Rendell signed into law Friday shields members of a company's board of directors from attempts by shareholders to remove them without cause. Relational Investors LLC and Franklin Mutual Advisers LLC, Sovereign's largest shareholders, had urged the governor not to sign the bill, which passed the Pennsylvania Senate in a late-night vote without debate.


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