August 27, 2012
Bernstein Liebhard LLP is investigating whether the Board of Directors of Hudson City Bancorp, Inc. (“Hudson City” or the “Company”) (NASDAQ: HCBK) breached its fiduciary duty to its shareholders in agreeing to sell Hudson City to M&T Bank Corporation (“M&T”) (NYSE: MTB).
Under the terms of the agreement, Hudson City shareholders will receive consideration valued at 0.08403 of an M&T share in the form of either M&T stock or cash, based upon the election of each Hudson City shareholder for each share they own. The investigation is focused on the potential unfairness of the price to Hudson City shareholders and the process by which the Hudson City Board of Directors considered and approved the transaction.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last nine years.