Review of banks’ deal rejected
From Times Wire Services
A judge rejected a request by lawyers representing Countrywide Financial shareholders to examine Bank of America’s internal documents related to the pending marriage of the two companies.
Plaintiffs challenging the $4-billion stock deal argue that it undervalues Countrywide to the detriment of its shareholders, while enriching Countrywide executives.
On Thursday, they asked a Delaware Chancery Court judge to compel Bank of America to turn over documents that would shed light on its valuation of Countrywide.
