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Sun Bancorp/OceanFirst deal faces 4th lawsuit

Sun Bancorp Inc. disclosed supplemental information related to its proposed merger with OceanFirst Financial Corp. after a fourth lawsuit was filed accusing Sun Bancorp's board of breaching its fiduciary duty by failing to disclose material information about the transaction.

The Superior Court of New Jersey on Aug. 28 granted the motion to consolidate three lawsuits seeking to prevent the deal. On Sept. 22, a similar putative class-action lawsuit — Paul Parshall v. Sun Bancorp, et al — was filed against Sun Bancorp, its board and OceanFirst.

While Sun Bancorp believes that the claims asserted in the lawsuits are without merit, it voluntarily made the supplemental disclosures to avoid the risk that the lawsuits may delay or adversely affect the consummation of the transaction and to minimize the burden and expense of further litigation.