Delaware Court To Hear Shareholder Suit Vs. Shari Redstone In Viacom-CBS Merger

  • 📰 DEADLINE
  • ⏱ Reading Time:
  • 35 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 63%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

A Delaware Chancery Court Wednesday rejected Shari Redstone’s motion to dismiss a shareholder lawsuit claiming she breached her fiduciary duty by pushing allies to ram through the Viacom-CBS merger…

’s motion to dismiss a shareholder lawsuit claiming she breached her fiduciary duty by pushing allies to ram through the Viacom-CBS merger at stockholder expense in a quest to attain the status of “media magnate” like her father, the late Sumner Redstone.

A group of investors led by the California Public Employees Retirement Fund said Redstone “exerted her control over other fiduciaries in manner that caused them to negotiate and approve the merger out of loyalty to her on terms detrimental to Viacom and its public stockholders,” wrote the judge in the case, Vice Chancellor Joseph R.

The court acknowledged that it is generally deferential to boards of directors but said “Delaware is more suspicious when the fiduciary who is interested in a transaction is a controlling stockholder” and “more skeptical” when a controlling shareholder seeks to dismiss a suit that alleges breach of fiduciary duty and challenge the

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 109. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines