trending Market Intelligence /marketintelligence/en/news-insights/trending/juDxhVYEIrHIpoLb8Ss6uA2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Certain Bremer Financial employee-shareholders sue trustees of Otto Bremer Trust

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity

Street Talk Episode 70 - Banks' Liquidity Conundrum Could Fuel M&A Activity

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk – Episode 69: Banks left with pockets full of cash and few places to go

Certain Bremer Financial employee-shareholders sue trustees of Otto Bremer Trust

Sixteen employee-shareholders of St. Paul, Minn.-based Bremer Financial Corp. sued three trustees of The Otto Bremer Trust, which has held a majority of Bremer's shares since 1944.

The lawsuit contends that the defendants breached their fiduciary duties by attempting to strip shareholders of their voting control through a series of share transfers in pursuit of their own interests.

Bremer Financial sued the trustees in 2019, alleging that unbeknownst to its board, the trustees and their financial adviser held talks with potential acquirers, and during these discussions, they falsely represented that the company was available for sale and shared confidential information. After Bremer decided against the sale, the trustees allegedly sold a portion of the trust's nonvoting shares to 19 investment vehicles, which converted those shares into voting shares.

"The Trustees' ultimate goal of selling Bremer would put jobs at risk, harm the communities Bremer serves, and destroy shareholder value," according to the lawsuit.

The plaintiffs are seeking a declaration that the purported transfers of shares are unlawful and ineffective. They are also seeking a court order to prevent any further attempts to undermine their voting interests.

"While we disagree with the substance of today's legal filing, we share the plantiffs' obvious concern for what comes next for the bank and its people," a spokesperson for The Otto Bremer Trust said in an emailed statement. "For that reason, we strongly believe that looking at strategic options for the bank is good for the institution, good for its employees, good for the people and communities who benefit from the philanthropy Otto Bremer made possible and good for everyone who – like the Trust – is a shareholder in the enterprise."