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Philadelphia Bank Acts to Bar Shareholder Vote

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From Associated Press

Sovereign Bancorp Inc. filed a federal lawsuit seeking to block the company’s largest shareholder from ousting its board of directors.

The lawsuit, filed in U.S. District Court in New York, claims a proposal by San Diego-based investment firm Relational Investors to seek a shareholder vote to remove the board is not permitted under Pennsylvania law. Sovereign is based in Philadelphia.

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