Hibernia Settles Suit Over Capital One
Hibernia, the holding company for Louisiana's largest financial institution, said it agreed to settle a class-action lawsuit with its shareholders over the company's proposed merger with Capital One Financial of McLean. Financial terms were not disclosed. The suit, filed April 22, accused Hibernia's directors of breaching their fiduciary duties by failing to maximize shareholder value in the merger agreement. Hibernia has agreed to be acquired by Capital One for about $5.3 billion in cash and stock.
Mergers & Acquisitions
D.C. Law Firm Expands Into New York
Venable LLP, the eighth-largest law firm based in the District, will open its first New York office by acquiring Heard & O'Toole, a boutique firm with 12 lawyers.
Venable's major clients in New York include Viacom and Verizon Communications. The new office will be Venable's seventh. The firm has more than 400 lawyers in the Washington area and California.
LCC International to Cut 48 Jobs, Close Offices
LCC International, a McLean consultant to wireless phone companies, said it is cutting 48 jobs and closing offices in North America and the Asia Pacific region. The company aims to save more than $4 million a year with the restructuring. LCC plans to book the entire $1.1 million cost of the changes in the second quarter.
Allied Capital Invests in Meineke
District-based commercial lender Allied Capital said it has invested $127 million in the recapitalization of Meineke Car Care Centers. The investment is in the form of senior debt, second-lien debt, subordinated notes and nonvoting common equity.
Compiled from staff and news service reports.