It’s time to confront the third rail of shareholder litigation. It’s time to ask officers and directors to dig into their own pockets to settle shareholders suits.
That’s what I’m hoping Manhattan U.S. district judge Lewis Kaplan decides to do as he reviews a proposed $90 million settlement of shareholder claims against the former officers and directors of Lehman Brothers. As the deal currently stands, the defendants—who include former Lehman CEO Richard Fuld and former president Joseph Gregory—won’t have to pay a penny of their own money to get rid of this litigation, which initially sought billions….
via Kicking the Third Rail of Shareholder Litigation — Susan Beck’s Summary Judgment
