Holders Sue Shearson: Shearson Lehman Hutton Inc....
From Times Staff and Wire Reports
Holders Sue Shearson: Shearson Lehman Hutton Inc. stockholders have filed two class-action lawsuits seeking to block parent American Express Co., which owns 61% of the brokerage, from buying all publicly held shares of the firm, alleging that the offered price is unfairly low. In one suit, holders also claim that Primerica Corp. offered to invest $900 million in exchange for a 40% stake in Shearson during talks that ended last week without a deal and preceded the stock buyback proposal. No figures about the negotiations with Primerica have been released by the firms.
