Two separate lawsuits have been filed and are seeking class action status against the asset management company over a proposed merger. Private equity giant Madison Dearborn Partners agreed to take Nuveen private for $5.75 billion or $65 a share. Nuveen shareholders filed suit in the Circuit Court of Cook County, Illinois, Chancery Division alleging company officials had breached their fiduciary obligations to protect shareholders' interests by agreeing to the buyout proposal from Madison Dearborn. Case No. 07CH 16315.
One day after shareholders filed the suit, Nuveen investors also filed a substantially similar suit in the same court. Case No. 07CH 16443. The lawsuit similarly alleges that by entering into the proposed transaction, the defendant breached their fiduciary duties of loyalty, due care, independence, good faith and fair dealing.
