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First Niagara settles another lawsuit in KeyCorp deal

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First Niagara settles another lawsuit in KeyCorp deal

First NiagaraFinancial Group Inc. disclosed in its Form 10-Q that a lawsuitchallenging its merger with KeyCorp has been officially dismissed. Also, the companyalso stated that it would not renew a $100 million credit facility set toexpire.

The company stated that a March 8 memorandum of understanding with plaintiffs in NewYork State litigation resulted in a stay of proceedings for a in Delaware. OnMarch 14, the parties in the Delaware suit agreed to settle the action, and thecourt officially dismissed the suit on March 31.

Separately, First Niagara disclosed that a $100 million lineof credit with a bank matures in the second quarter, and the company does notplan to renew it. The credit facility had never been used, the bank stated.