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Thursday, August 17, 2006 6:03 PM ET
Golden West settles class-action suit related to Wachovia merger
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Golden West Financial Corp.Oakland, California
Wachovia Corp.Charlotte, North Carolina

Golden West Financial Corp. said in a Schedule 14A filed Aug. 17 that it entered into a settlement agreement with plaintiffs in a class-action suit related to its planned acquisition by Wachovia Corp.

Golden West announced on May 7 that it would be acquired by Wachovia in a $25.5 billion deal expected to close late in the third or fourth quarter.

The company said in the filing that the settlement would not affect the amount of the merger consideration or change any other terms in the pending transaction.

In proxy materials filed July 25, Golden West said that both David Burnett and the Morton Smith Trust filed suits alleging that its directors breached their fiduciary duties, and the two suits were later consolidated into one action.

Golden West will deny all allegations of wrongdoing as part of the settlement, which is subject to customary conditions including court approval. If approved, it will resolve all claims that were or could have been brought on behalf of the proposed settlement class in the actions being settled, including claims related to the merger. Other terms of the settlement were not disclosed in the filing.

 

 

 

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