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September 10, 2004

Ovitz Wins Partial Judgment in Disney Suit

Michael Ovitz, former president of Walt Disney Co., Friday won a ruling from a Delaware court that means he will only have to defend part of a shareholder suit over his $140 million severance package. Chancellor William Chandler of Delaware's Court of Chancery granted Ovitz's motion for summary judgment on allegations that he violated his fiduciary duty to the company in negotiating the employment contract that triggered the bonanza. But Chandler said Ovitz must defend claims that his golden parachute payoff after little more than a year in office was a waste of corporate assets.

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Posted By: Ray @ 11:30 PM | permalink

 

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