PHILADELPHIA, April 10 (Reuters) - A Delaware Chancery Court judge on Wednesday decided to temporarily pause a lawsuit that sought to challenge JPMorgan Chase & Co’s (JPM.N) planned takeover of Bear Stearns Cos Inc BSC.N as a similar case was moving forward in New York.
The investment banks had argued that fighting simultaneous lawsuits in Delaware and New York would be wasteful and burdensome.
Vice Chancellor Donald Parsons said he granted the companies’ request to stay the case in Delaware for several reasons, including that a hearing had already been scheduled for May 8 in the New York case.
A copy of Parsons’ decision, dated April 9, was obtained by Reuters.
Reporting by Jessica Hall For more M&A news and our DealZone blog, go to here