Search for: "Wachovia Corporation"
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19 Apr 10:30 pm
... and (3) voluntarily elected to receive enhanced severance benefits in exchange for releasing her claims against Wachovia. Under these
circumstances, the release is enforceable. Summary judgment was therefore appropriately granted. Watkins's Individual Settlement ... class claim disappears, and her appeal of the denial
of class certification must be dismissed." The opinion, Watkins v. Wachovia Corporation, is a must
read for wage and hour litigators [especially the analysis regarding "pick off" cases ...
13 Oct, 2008 12:43 am
News release: "The Federal Reserve Board on Sunday announced its approval of the application and notice under sections 3 and...
17 Oct, 2008 5:12 pm
... describes his claim as follows: "This is a class action on behalf of the public stockholders of Wachovia Corporation ("Wachovia" or the "Company") in connection with a proposed acquisition of Wachovia by Wells Fargo & Company ("Wells Fargo") in breach ... Merger, or alternatively, to recover damages in the event the Merger is consummated.
Plaintiff alleges that the Merger provides Wachovia's public shareholders with inadequate consideration and is the product of a severely flawed
sales process. ...
31 May, 2007 9:45 am
Wachovia Corporation agreed to acquire A.G. Edwards Corporation for $6.8 billion in stock. This will vault Wachovia into the second-largest U.S. retail brokerage,
behind only Merrill Lynch, with $1.1 trillion in ... said the combined company will have 15,000 financial advisers and an increased presence in 48 of the 50 largest metropolitan areas.
Wachovia has built its brokerage business relatively quickly, largely through the acquisition of Prudential Securities in 2003, and several
smaller firms. ...
3 Jul 1:40 pm
... give potential clients hard copy prospectuses. The SRO, however, discovered a number of deficiencies related to prospectus delivery by Wachovia Securities related to: • Collateral mortgage obligations • Exchange-traded funds • Preferred stocks • Secondary purchases of ... systems, procedures,
and polices When the activity allegedly at issue occurred, Wachovia Securities, LLC was a non-bank affiliate and subsidiary of Wachovia Corporation. This year, the latter merged with Wells Fargo & Co.. By ...
29 Sep, 2008 7:39 am
... boom, for $25.5 billion. That deal quickly has quickly come to haunt Wachovia's franchise. Defenders of Golden West, a pioneer in offering
Option ARM mortgages ... s underwriting standards, and issued the loans to riskier borrowers. But employees at Wachovia who marketed
Pick-A-Pays say that the loans do not deserve to be lumped with other ... deposits and will assume senior and subordinated debt of Wachovia,
the F.D.I.C. said. Wachovia Corporation will continue to own the retail brokerage firm AG Edwards ...
13 Nov, 2008 12:37 pm
... is some interesting shareholder litigation in North Carolinas Superior Court over Wells Fargos pending acquisition of Wachovia
Corporation. In Ehrenhaus v. Baker, 2008 WL 4787584 (N.C. Super. 2008), the plaintiff alleges that the ... ). In that case, the court held that
voting agreements covering shares representing a majority of the total voting power of the corporation were impermissible when combined with a
merger agreement provisions that did not permit the targets board to terminate the deal ...
8 Dec, 2008 2:12 pm
On October 2, 2008, Wells Fargo presented Wachovia with a signed and Board-approved offer to purchase Wachovia Corporation without government assistance in a stock-for-stock merger transaction valued at $10 billion.
Prior to receiving this proposal, Wachovia had been negotiating with Citigroup to complete a merger transaction that included assistance from
the federal government. Following the announcement of the Well Fargo ...
10 Oct, 2008 5:38 pm
... Temporary Restraining Order in Mecklenburg County which prohibited Citigroup from "filing or continuing any legal action against Wachovia
or Wells Fargo to enforce the terms of the second paragraph of the Letter Agreement." The referenced second paragraph of the Agreement gave ... that Citigroup will not pursue any form
of injunctive relief to seek to prevent a shareholder vote on the merger between Wachovia Corporation
and Wells Fargo & Company, Inc. or pursue any kind of injunctive relief that ...
24 Apr, 2007 2:37 pm
... bank subsidiaries. On Monday, Thomas stepped aside in the denial of review of yet another Wachovia case -- as well as in Turnbaugh v.
National City Bank of Indiana, which did ... Watters case. Thomas's financial disclosure form reveals no ownership of Wachovia stock, so what
gives? Thomas does not reveal his reasons for recusal ... have just confirmed that Thomas's son Jamal works at Wachovia Securities, a part of
Wachovia Corporation, at its headquarters in Richmond, Virginia. We haven't been able ...
9 Dec, 2008 10:06 am
... view previous post). On December 5, 2008, Judge Albert Diaz of the North Carolina Business Court denied the Wachovia shareholder's request
for a preliminary injunction. Judge Diaz found no basis for reversing the business judgment of ... the merger agreement was an informed decision, made in good faith, and with an honest
belief that the action was in the best interests of Wachovia Corporation and its shareholders, given
the circumstances then facing the board." Please click here to view the Order ...
2 Jul, 2008 5:06 pm
Wachovia Corporation announced this week that it is taking a number of actions to help its mortgage
customers deal declining home values and other challenges in today's economy. Effectively immediately, it is waiving all prepayment fees ... Pick-A-Pay mortgage to allow customers more
flexibility in their home financing decisions. Also, for new loan originations, Wachovia is no longer offering products that include payment
options resulting in negative amortization. For more information, check out the ...
14 Apr, 2008 4:00 am
The Wachovia Corporation, the country's fourth largest bank, will raise $7 billion by selling stock
and will cut its dividend by 41 percent as it announced a surprise $350 million loss for its first quarter. Wachovia's move was prompted by
mounting housing losses and an ill-timed acquisition of big California mortgage lender Golden West Financial. "I'm [...]
20 Jun, 2008 7:33 pm
On June 19, Evergreen Investments, a subsidiary of Wachovia Corporation, announced that it was
liquidating the Evergreen Ultra Short Opportunities Fund (EUBAX). The Fund has lost 19.6 percent of its value year to date, including total realized ... as of June 18 will receive a
cash distribution of $7.48 per share based on a net asset value of $403 million. Wachovia, Evergreen's parent, will reportedly provide
financing for the liquidation. Page Perry, LLC is an Atlanta-based law firm with over 125 ...
6 Jan 5:15 am
... determining compensation and greater sunlight cast on assorted perqs including club memberships and personal use of corporate aircraft. The one area where the disclosure
requirements fall short, however, is with respect to compensation consultants. The consultants are ... noted that only a small number of companies have adopted a policy requiring
compensation consultant independence, including Wachovia Corporation, The Procter & Gamble
Company, Pfizer Inc., Sprint Nextel Corporation, The Home ...
16 Nov 6:17 am
... large pension plans. To evaluate the effect of pension contributions on tax shields, we conduct a detailed calculation of corporate marginal tax rates that includes the
effects of pension contributions. With the recalculated marginal tax rates, we estimate ... structure decisions than has been previously thought. The full paper is available for
download here. Anil Shivdasani is the Wachovia Distinguished Professor of Finance at UNC's Kenan-Flagler Business School. Irina Stefanescu is
an Assistant ...
6 Oct, 2008 12:37 pm
A showdown between two of the nation's largest banks over the Wachovia Corporation grew into a
widening battle involving two courts and a cast including Federal Reserve Chairman Ben S. Bernanke and an army of bankers, lawyers and other regulators trying to resolve the fate of one
of the biggest prizes to emerge from the [...]
9 Oct, 2008 11:16 am
Citigroup and Wells Fargo, the two banks vying for control of the Wachovia Corporation, are
negotiating a compromise that would hand the bulk of the troubled bank to Wells Fargo, according to The New York Times's Eric Dash. On Wednesday, Citigroup and Wells Fargo extended
their legal cease-fire until 8 a.m. on Friday at the urging [...]
28 Nov, 2006 2:53 pm
... an action seeking declaratory and injunctive relief prohibiting Watters from enforcing Michigan's mortgage laws against Wachovia Mortgage.
The district court granted summary judgment in their favor, finding that the OCC's interpretation of 12 U.S.C ... , respondents point out, nor are petitioner's concerns that the OCC's
regulation "federalizes" state-chartered corporations, given that Wachovia Mortgage is chartered by North Carolina and not Michigan, and
that the regulation at issue does not reach ...
14 Oct, 2008 9:00 am
... such person, as such enforcement or liability shall be contrary to public policy. Assume Citigroup has an "agreement" with Wachovia, an
"insured depository instutition," that contains a "provision" that "directly... limits the ability of any person to offer to acquire ... hence the "in connection with any transaction in
which the Corporation exercises its authority under section 11 or 13," which describes the FDIC-approved Citigroup/Wachovia deal. As such, I predict the court will read this statute ...
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