GO
Loading...

Bank of America Shelves ABN Amro Lawsuit

Bank of America shelved plans to take ABN Amro to court, preferring to wait until the Dutch Supreme Court rules on the Dutch bank's sale of its U.S. unit, a Bank of America spokesman said on Friday.

"Bank of America and ABN asked to delay the lawsuit," a spokesman for Bank of America said.

The Dutch Supreme Court will rule late this month or early July on whether ABN Amro, the Netherlands' biggest bank, can proceed with the sale of LaSalle Bank.

In May, a Dutch commercial court had frozen the sale in order to allow a shareholder vote. Bank of America has appealed the ruling, accusing the court of unlawful action by blocking the sale.

The suspended deal to sell LaSalle is central to the takeover battle for ABN, which is now weighing a 71 billion euro ($94.43 billion) buyout bid by the Royal Bank of Scotland, Fortis and Santander against an all-share offer by Barclays.

A purchase of ABN would be the biggest-ever bank takeover.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More

Don't Miss

U.S. Video