trending Market Intelligence /marketintelligence/en/news-insights/trending/slvrsFDQUbzsgUPLXE-PqA2 content esgSubNav
In This List

HF Financial Corp. enters into MOU with plaintiff on merger-related lawsuit

Blog

Banking Essentials Newsletter 2021: December Edition

Blog

Automating Credit Risk Surveillance Using Statistical Models

Blog

Post-webinar Q&A: Speed and Scalability – Automation in Credit Risk Modeling

Case Study

A Chinese Bank Takes Steps to Minimize Risks as it Supports International Trade


HF Financial Corp. enters into MOU with plaintiff on merger-related lawsuit

Sioux Falls,S.D.-based HF Financial Corp.entered into a memorandum of understanding with the plaintiff's lawyer regardingthe settlement of a lawsuit challenging the mergerwith Great Western Bancorp Inc.

According toa Form 8-K filing, the plaintiff, Shiva Stein, alleged that HF's board breachedfiduciary duties by failing to enhance stockholder value as a merger candidate andfor failing to make adequate disclosure in a Form S-4 filed March 3. HF believedthe claims were without merit.

A hearing hadbeen scheduled April 27.

On April 22,HF and the plaintiff reached an MOU contemplating settlement of the lawsuit, withthe company agreeing to make disclosures regarding the merger and the plaintiffagreeing to stay the proceeding and withdraw the request for a preliminary injunction.