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Astoria Financial to settle lawsuits over Sterling Bancorp deal

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Astoria Financial to settle lawsuits over Sterling Bancorp deal

Lake Success, N.Y.-based Astoria Financial Corp. entered into an agreement in principle to settle several lawsuits filed over its pending deal with Montebello, N.Y.-based Sterling Bancorp, according to a Form 8-K filed June 8.

The complaints, filed with several state courts, alleged breach of fiduciary duties on Astoria's part when the merger was approved. Under the settlement agreement, Astoria and Sterling agreed to disclose merger-related information to their shareholders.

The two companies also agreed to disclose to their shareholders certain information related to a potential settlement of a separate class action pending before the New York Supreme Court in Rockland County.