trending Market Intelligence /marketintelligence/en/news-insights/trending/efhCxVNzBIUHKvKlevAqnQ2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

Sun Bancorp/OceanFirst deal faces 4th lawsuit

Banking Essentials Newsletter December Edition Part 2

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

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.