Two substantially identical purported class-action complaints have been filed against Milwaukee-based Bank Mutual Corp. and Green Bay, Wis.-based Associated Banc-Corp over the two institutions' pending deal.
Both were filed in the Wisconsin Circuit Court for Milwaukee County on July 28. Both suits allege that the transaction was done "through an allegedly defective process, for an allegedly unfair price and on allegedly unfair terms," and that Associated Banc-Corp aided and abetted the Bank Mutual directors' alleged breaches of fiduciary duty.
According to Bank Mutual's Form 10-Q filed Aug. 8, the lawsuits seeks, among other things, to enjoin the consummation of the transaction and damages. Bank Mutual said in the filing that it believes that the allegations are without merit.