RELATIONAL INVESTORS v. SOVEREIGN BANCORP

No. 05 CIV.10394.

417 F.Supp.2d 438 (2006)

RELATIONAL INVESTORS LLC, Plaintiff, v. SOVEREIGN BANCORP, INC. and, Banco Santander Central Hispano, S.A., Defendants.

United States District Court, S.D. New York.

March 2, 2006.


Attorney(s) appearing for the Case

Brian T. Frawley, Keith McKenna, Sullivan and Cromwell, LLP, New York, NY, for Plaintiff and Counter Defendant.

Christopher P. Malloy, Skadden, Arps, Slate, Meagher & Flom LLP, Amelia Temple Redwood Starr, Carlos M. Pelayo, Davis Polk & Wardwell, New York, NY, for Defendants.


OPINION GRANTING AND DENYING MOTIONS FOR JUDGMENT ON THE PLEADINGS

ALVIN K. HELLERSTEIN, District Judge.

This case centers on a recurring debate in corporate governance, namely the balance of power between a corporation and its shareholders. Sovereign Bancorp Inc., a banking corporation incorporated under Pennsylvania law ("Sovereign"), finds itself locked in a battle for control with its largest shareholder, Relational Investors, LLC ("Relational...

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