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SCHMALZ v. SOVEREIGN BANCORP, INC.

Civil Action Nos. 08-CV-0857, 08-CV-1991.

868 F.Supp.2d 438 (2012)

Emanual SCHMALZ, individually, and on behalf of all others similarly situated v. SOVEREIGN BANCORP, INC., et al.

United States District Court, E.D. Pennsylvania.

April 18, 2012.

Attorney(s) appearing for the Case

Deborah R. Gross, Susan R. Gross, Law Offices Bernard M. Gross, PC, Philadelphia, PA, Jeffrey M. Norton, Robert I. Harwood, Tanya Korkhov, New York, NY, for Emanual Schmalz.

Alexis Gabrielle Cocco, John F. Smith, Shannon Elise McClure, Philadelphia, PA, Daniel E. Wille, Pittsburgh, PA, for Sovereign Bancorp, Inc., et al.

MEMORANDUM

DITTER, District Judge.

This class action involves an employee stock ownership plan and the contention that its participants should not have been offered their employer's stock because of the company's deteriorating financial condition. It is before me on the defendants' motion to dismiss. For the reasons that follow, I will dismiss all but Count IV of plaintiffs' complaint.

I. INTRODUCTION

The plaintiffs were participants in...

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