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After yanking control of Baltimore Bancorp away from its former board, shareholders are now chasing the old directors for millions of dollars lost when the company rejected a buyout offer last year.
In a federal lawsuit unsealed this week, shareholders blasted former chairman Harry L. Robinson and his handpicked board for their role in rejecting a $17-a-share offer from First Maryland Bancorp.
The suit claims the board rejected the offer to protect officers' jobs and benefits, costing shareholders the opportunity to sell their stock at a premium.
According to the suit, Robinson's board rejected the bid without any debate, and later said the decision was …