In Brief: Judge Stops Activists Building Thrift Stake

A federal court has temporarily enjoined an activist shareholder group from buying stock of Standard Financial Inc.

The U.S. District Court for the Northern District of Illinois ruled Feb. 11 that LaSalle/Kross Partners must amend its federal securities filings before it can buy more shares of the $2.3 billion-asset thrift company.

The ruling by Judge James B. Zagel supported the thrift's contention that the partnership-whose founders have a history of shareholder activism- was wrong to state that it had bought Standard stock purely for investment purposes.

The partnership can resume buying or selling the thrift's stock seven days after it amends its filings.

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