United Natural Foods Inc. has filed a lawsuit against Goldman Sachs Group Inc. and Bank of America Merrill Lynch claiming the investment banks put their financial interests ahead of the company's when they advised it on its acquisition of Supervalu, reports Reuters. The suit alleges Goldman Sachs committed breach of contract and fraud, and improperly extracted around $200 million for the advisory and financing services it gave UNFI.
A Goldman Sachs spokeswoman noted the bank believes the claims have no merit, and it plans to "vigorously defend ourselves against these accusations." A Bank of America spokesman declined to comment. Full Story
Related: UNFI to Sell Hornbacher's Stores; UNFI Names Griffin Head of Supervalu.
from Industry Operations http://bit.ly/2S4jQxV
United Natural Foods Files Suit Against Investment Banks
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January 31, 2019
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