Simon Property Group Inc. directors improperly refused to let shareholders vote on changes to the real-estate company’s executive compensation plan that resulted in a $120 million stock award to Chief Executive Officer David Simon, investors’ lawyers argued.
Clear Channel Outdoor Holdings Inc. won approval of a settlement calling for the provider of outdoor-advertising displays to pay a $200 million dividend to resolve a shareholder lawsuit over cash transfers to its former parent company.
Kaye Scholer LLP is the latest law firm to announce plans to relocate its back office operations to a cheaper location. The firm said yesterday it will establish an operations center in Tallahassee, Florida, to centralize its support functions in one location. The center will house about 100 Kaye Scholer employees who handle accounting, document services, graphics, technology, library services, docketing, human resources and marketing matters, the firm said.
Del Monte Foods Co.’s $5.3 billion sale to a group of private-equity firms led by KKR & Co. is the target of a U.S. Justice Department antitrust probe, a lawyer who sued over the deal said in a court filing.
American International Group Inc. investors should be able to sue companies that conspired with some of the insurer’s top executives to manipulate its finances, a lawyer told Delaware Supreme Court justices today.
A Delaware judge reserved ruling on a request by Massey Energy Co. investors to block the coal producer’s $7 billion takeover by Alpha Natural Resources Inc. before a scheduled June 1 shareholder vote on the deal.
Delphi Financial Group Inc.’s $2.7 billion buyout by rival insurer Tokio Marine Holdings Inc. should be blocked because it doesn’t provide enough for investors while unfairly enriching the company’s top executive, a lawyer argued to a judge.