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Class-action suit seeks to block TIAA-EverBank Financial deal


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Class-action suit seeks to block TIAA-EverBank Financial deal

Aclass-action suit has been filed by a shareholder of that seeks toblock Teachers Insurance andAnnuity Association of America's pending acquisition of the Jacksonville,Fla.-based company.

Theplaintiffs are led by Stephen Bushansky, a "continuous stockholder"of EverBank.

Based on acourt filing, the suit claims that the company put out "false andmisleading" statements regarding the pending transaction in a proxy filing, adding that thecompany failed to disclose "material omissions concerning the flawed saleprocess." The suit also accuses EverBank management of being eligible toreceive "unique benefits" while leaving EverBank shareholdersshortchanged due to the "inadequate" and "unfair" dealconsideration.

Nameddefendants in the suit include EverBank, along with Chairman and CEO Robert Clements,President and COO William Blake Wilson, along with members of the board.  

The suitalso asks that the court rescind the transaction if ever it is consummated,with rescissory damages awarded to the plaintiff and the class, along withcosts and attorney's fees associated with the suit, and other relief as deemednecessary by the court.

Michael Cosgrove, a spokesman for EverBank, declined tocomment on the lawsuit, citing the company's policy of not commenting onmatters in litigation.