BankAtlantic Bancorp (BBX) and BB&T (BBT) are facing another legal challenge to their potential deal, according to the South Florida Business Journal.

Brian Bandell writes a class-action lawsuit, filed early this month, seeks to block the agreement to send BankAtlantic’s consumer business to BB&T on grounds that it undervalues BankAtlantic stock.

The suit also calls into question the more than $10 million in severance and noncompete payments for BankAtlantic executives, rather than giving that money to shareholders.

An earlier lawsuit from BankAtlantic debtholders earned an injunction from a judge, leading to a modified agreement that would send debt securities to BB&T.

The deal already received approval from the Office of the Comptroller of the Currency, but also needs the blessing of the Federal Reserve and the Federal Deposit Insurance Corp.

Read more at the South Florida Business Journal.

Andrew Scoggin