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United PanAm Financial defends minority shareholders' "bump-up" action

January 2014

Client(s) United PanAm Financial Corp. and Special Committee

Jones Day client United PanAm Financial Corp. ("UPFC") obtained dismissal of a minority shareholders' "bump-up" action seeking to challenge UPFC's public merger, based on the exclusivity of an appraisal remedy under California law. The trial court's ruling was affirmed in part by the California Court of Appeal in a case of first impression, in which the Court of Appeal held that a post-closing damages remedy is unavailable for challenges to mergers by shareholders of California corporations.

Busse v. United Pan Am, No. G046805 (Cal. App.)

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