Republic seeking $5M termination fee from Green Dot

Republic Bancorp in Louisville, Ky., wants Green Dot to pay a $5 million termination fee tied to the termination of asset sale. 

The $6.2 billion-asset Republic agreed in May to sell its tax refund solutions business to Green Dot. Green Dot first delayed the closing in August, then terminated it in October after failing to secure an approval or non-objection from the Federal Reserve. 

The Delaware Court of Chancery on Dec. 2 denied Republic’s expedited motion for summary judgment seeking to force Green Dot to complete the transaction.

Republic “will continue to seek the additional monetary damages and equitable relief arising from Green Dot’s actions in the litigation before the Delaware Court of Chancery,” the filing said.