A federal appeals court Wednesday revived a shareholder class action alleging that M&T Bank Corp. misled investors in the run-up to its $1.9 billion merger with Hudson City Bancorp in 2015.

In a 40-page precedential ruling, a three-judge panel of the U.S. Court of Appeals for the Third Circuit found that Hudson investors had cleared an early hurdle in showing M&T Bank did not properly disclose issues surrounding consumer violations and its anti-money laundering compliance in proxy materials submitted two years before federal regulators actually approved the deal.

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