Disney Investors’ Suit on Ovitz Can Proceed
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From Bloomberg News
Walt Disney Co. shareholders can proceed with a lawsuit against company executives over ex-President Michael Ovitz’s $140-million severance package, a judge ruled.
A Delaware Chancery Court judge rejected Disney’s bid to throw out investors’ claims that the company’s board was asleep at the switch when it approved Ovitz’s compensation and severance.
Shares of Burbank-based Disney rose 42 cents to $20.07 on the New York Stock Exchange.
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