An investor advocacy group announced it is suing the board of Zenith National Insurance Corp., alleging Zenith's planned $1.4 billion sale to Fairfax Financial Holdings Ltd. undervalues the company.
Shareholders Foundation Inc. in San Diego said it had filed a lawsuit against the board of the workers' compensation insurer in California State Court, alleging its members had breached their fiduciary duties.
The action was brought on behalf of Zenith investors who bought their shares before the merger was announced on Feb. 18 by the Woodland Hills, Calif.-based insurer.
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