NEW YORK - Green Point Savings Bank is the target of another lawsuit seeking to block its conversion to stockholder ownership.
The mutual has set an initial public offering of shares for next month, but at the same time is resisting a merger-conversion proposal from Republic New York Corp.
The new suit was filed in a federal court by the same lawyer who earlier last week filed a similar suit in a New York State court.
The new suit accuses trustees of the savings bank of breaching their fiduciary duty for "self-enrichment" and seeks their removal. It says they were wrong to reject Republic's plan out of hand.
Melvin I. Weiss, the New York lawyer who filed the suits, said he would ask the U.S. court for an injunction this week to enforce his demands. Green Point had no immediate comment. Besides the trustees, the new suit names as defendants two of Green Point's investment advisors: Adams-Cohen Securities Inc. and R.P. Financial Inc.
