November 30, 2012 |
TD Bank , the giant Canadian lender, has sued Commerce Bancorp founder Vernon Hill , claiming he wrongfully stole his own ideas - which the bank says it acquired when it bought Commerce in 2007 - to publish a new book, Fans! Not Customers: How to Create Growth Companies in a No-Growth World. The copyright-infringement suit, filed in U.S. District Court in Camden by TD lawyer William Tambussi , who also represented Commerce back when Hill was building the company into the biggest bank based in the Philadelphia area, claims Hill "irreparably harmed" TD when he published large chunks of a manuscript he originally wrote when he was still the Commerce boss.
November 19, 2008 |
TD Bank Financial Group, which bought Cherry Hill-based Commerce Bancorp Inc. in March, was quick to surrender the Commerce brand when challenged by a small Massachusetts bank. But when Commerce founder Vernon W. Hill II included the red "C" and other intellectual property in a presentation planned for a banking conference, TD went to court to block him. And now it has won. Earlier this year, TD had dumped the Commerce brand and the bank's big red "C" in favor of its blocky green "TD," after Commerce Bank & Trust Co. Inc., of Worcester, Mass.
July 24, 2008 |
It seemed a victory for the legacy of Cherry Hill's Commerce Bank when new Canadian owner Toronto Dominion said it would operate under the TD Commerce brand in the United States. Then it ran into the 12-branch Commerce Bank & Trust Co. in Worcester, Mass., which won a preliminary injunction in federal court blocking the use of the TD Commerce brand where it has branches. The upshot is that Toronto Dominion said yesterday that it would drop the Commerce brand from its plans and rename its nearly 1,100 Commerce and TD Banknorth branches TD Bank.
January 26, 2008 |
Commerce Bancorp Inc. yesterday reported a 47 percent drop in fourth-quarter profits on higher loan losses, charges related to the sale of its insurance brokerage and losses on investments. The Cherry Hill bank, which has scheduled a shareholder vote Feb. 6 on its sale to Toronto-Dominion Bank, said its fourth-quarter net income was $33.4 million, or 17 cents per share, compared with $62.8 million, or 32 cents per share, in the same period of 2006. Commerce shares fell 59 cents yesterday, to close at $36.57 on the New York Stock Exchange.
January 25, 2008 |
Commerce Bancorp Inc. today reported a 47 percent drop in fourth quarter profits on higher loan losses, charges related to the sale of its insurance brokerage and losses on investments. The Cherry Hill bank, which has scheduled a shareholder vote Feb. 6 on its sale to Toronto-Dominion Bank, said its fourth quarter net income was $33.4 million, or 17 cents per share, compared with $62.8 million, or 32 cents per share, in the same period of 2006. Commerce shares were up 7 cents, to $37.23 in morning trading on the New York Stock Exchange.
January 18, 2008 |
A federal judge in Camden rejected a California lawyer's attempt yesterday to block a recent settlement of shareholder lawsuits against directors and executives of Commerce Bancorp Inc. The San Diego lawyer, Benjamin Rozwood, said after the hearing that he would appeal the decision to the U.S. Court of Appeals for the Third Circuit next week. U.S. District Judge Robert B. Kugler is overseeing 10 state and federal lawsuits filed in October after the Cherry Hill bank's sale to TD Bank Financial Group for $8.5 billion was announced Oct. 2. Under the settlement proposed Jan. 4, the deal's termination fee - which Commerce would owe to TD Bank if the sale failed to close - is $255 million instead of $332 million, and the period during which it is payable was reduced to 12 months from 15. The settlement also required additional disclosures and corrections to the proxy statement concerning the sale.
January 17, 2008 |
Commerce Bancorp Inc. is seeking $1.6 million in a lawsuit against InterArch Inc., a design firm owned by the wife of the bank's former chairman and chief executive officer, Vernon W. Hill II. The Cherry Hill bank wants to deduct that amount from $2.9 million that Shirley Hill and InterArch said the bank owed the Mount Laurel design and architecture firm. The lawsuit, filed this week in the Superior Court of New Jersey in Camden, stems from a mid-1990s dispute between InterArch and DiMaria Construction Inc. DiMaria, which was hired to install the heating, ventilation and air-conditioning system in a Commerce training facility in Mount Laurel, won a legal settlement after being fired before the job was completed.
January 16, 2008 |
Vernon W. Hill II, ousted in the summer as chairman and chief executive officer of Commerce Bancorp Inc. amid a federal probe of insider dealings, has sued the bank he founded for $50 million. The lawsuit, filed Monday in federal court in Washington, alleges that Office of the Comptroller of the Currency regulators "set upon a course to drive Mr. Hill out of Commerce based on unsubstantiated allegations. " The agency's six-month investigation focused on the long-disclosed side businesses that Hill and his wife, Shirley, operated: renting real estate to and furnishing Commerce Bank branches - deals that earned the Hills roughly $72 million in 10 years.
January 5, 2008 |
George E. Norcross III, a leading Democratic Party figure in South Jersey, got his insurance business back and $7.6 million in special payments from the pending sale of Commerce Bancorp Inc. Commerce disclosed yesterday in a proxy statement that it received $121 million from the previously reported sale of Commerce Banc Insurance Services Inc. to its founder, Norcross, and partners. The proxy set Feb. 6 as the date shareholders in the Cherry Hill bank will get to vote on the sale of Commerce to TD Bank Financial Group of Toronto.
October 26, 2007 |
Commerce Bancorp Inc. said yesterday that the Securities and Exchange Commission was investigating insider dealings at the company in a reprise of a probe by federal bank regulators that led to the ouster in June of founder Vernon W. Hill II. The Cherry Hill bank - which agreed this month to a buyout by TD Bank Financial Group of Toronto in an $8.5 billion deal - said the investigation was examining the bank's dealings with former officers, directors,...