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A Harford County company suing Allfirst Bank over its $691 million currency trading scandal is worried Allfirst is using its $3.1 billion merger with M&T Bank Corp. to shield itself from legal claims.
Tomran Inc., run by a Jarrettsville investor, owns 4,800 shares of Allied Irish Banks PLC, the parent company to Allfirst. Tomran filed a shareholder derivative lawsuit in May in Baltimore City Circuit Court against 15 Allfirst directors and officers, as well as Allfirst and AIB, alleging enough wasn't done to stop currency trader John M. Rusnak from deceiving the bank and hiding $691 million in currency trading losses. Under derivative lawsuits, shareholders sue...