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PremierWest Bank

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  • Peter D. Hawkes

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Shareholders v. PremierWest Bank

We defended PremierWest Bank against an effort by a plaintiff, on behalf of an alleged class of PremierWest shareholders, seeking to enjoin a merger between our client and Starbuck Banchares, and damages in the event the transaction were consummated. Plaintiff alleged that PremierWest and its directors, our individual defendant clients, breached fiduciary duties to PremierWest’s shareholders by approving the merger. Plaintiff filed the action in New York state court, and sought a preliminary injunction of the transaction, expedited discovery, and a preliminary injunction hearing on the merits in advance of the shareholder vote on the transaction. Defendants moved to dismiss on the grounds of lack of personal jurisdiction and forum non conveniens, and opposed plaintiff’s requests for an injunction and expedited discovery. On February 15, 2013, the Court granted defendants’ motion to dismiss on the grounds of forum non conveniens, and denied plaintiff’s motion for an injunction and expedited discovery. Plaintiff did not appeal or re-file the litigation in Minnesota, or Oregon, where PremierWest’s headquarters was located. Plaintiffs did not plead a specific damages claim. The merger consideration to common shareholders totaled $20.7M.

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