TCF-Chemical Financial Merger Draws Delaware Challenge

A TCF Financial Corp. shareholder has accused the company and its board of violating securities laws through misleading regulatory filings ahead of its proposed merger with Chemical Financial Corp.

TCF and its executives omitted key information, including financial projections for both companies and the raw data underlying them, from registration statements they filed with the Securities Exchange Commission urging shareholders to approve the deal, according to the April 9 complaint filed in Delaware federal court.

The all-stock deal, which will merge TCF into Chemical Financial, will convert each TCF share into a little more than half a share of Chemical ...