More Lawsuit Woes for National City

Sue Altmeyer, Electronic Services Librarian, sue.altmeyer@law.csuohio.edu | May 05, 2008 - 16:58

The Columbus Dispatch, a long-time shareholder in National City, sued to reverse the deal that provided the much-needed $7 billion to the bank. The deal allowed selected institutional investors to purchase stock at a discount and gain 70% ownership of National City. The Dispatch claims that National City's board breached fiduciary duties to long-time shareholders because the deal diluted their interests without compensation. See Teresa Dixon Murray, Dispatch Sues to Halt National City Deal, The Plain Dealer, May 3, 2008. The docket for Dispatch Printing Co. v. National City Corp., Case No. 08 CV 006506, can be viewed on the Franklin County Clerk of Court's Case Information Online.

See our prior post National City Plagued by Shareholder and Employee Lawsuits.