Capital Bank Financial Corp. disclosed in its Form 10-Q filed Aug. 8 that it is facing additional lawsuits related to its pending deal with Memphis, Tenn.-based First Horizon National Corp.
A case was filed on July 19, and another on July 25, headed by Paul Parshall and Catherine McNamara, respectively. The suits allege materially incomplete and misleading filings and documents related to the First Horizon deal. The two are similar to the lawsuit led by Stephen Bushansky, which was filed July 17. All three seek, among other things, an order enjoining the merger, as well as other equitable relief and/or money damages, interest, costs, fees (including attorneys' fees) and expenses. Capital Bank Financial, its board, and First Horizon are named as defendants in the Parshall-led action, while the actions led by Bushansky and McNamara have Capital Bank Financial and its directors as defendants.
Capital Bank Financial is also named as a defendant in a lawsuit filed July 14, led by Robert Garfield, against First Horizon National and its directors over the same transaction.
Charlotte, N.C.-based Capital Bank Financial believes that all claims in all the lawsuits are without merit.