As fiduciary duties take a backseat in the Wachovia-First Union-SunTrust battle, SunTrust’s mistakes are worth examining.
The takeover battle for Wachovia, the big southern bank I remember with fear from my student-loan days, is turning especially ugly. As Wachovia and its dueling suitors, First Union and SunTrust, trade verbal barbs, Wachovia is testing the limits of the fiduciary duties its officers and directors owe their shareholders. The resolution of this fight will likely show us just