Rest easy, Sumner Redstone, Philippe Dauman and Thomas Dooley: You won’t have to give up millions of your bucks after all. Eleven months after a Viacom shareholder sued the company to get back $36.6M he believed was overpaid in bonuses to the media behemoth’s three top execs, a federal judge in Delaware has dismissed the suit. Robert Freedman’s complaint (read it here) sought reparation for compensation to Chairman Redstone, CEO Dauman and COO Dooley, plus legal fees, and to quash future incentive payouts. U.S. District Judge Sue Robinson filled 26 pages with opinion as to why she sent Freedman home empty-handed, saying he failed to prove his claim that the trio were incorrectly awarded millions by the Viacom board’s compensation committee between 2008 and 2011 in violation of the company’s 2007 executive pay plan. The judge agreed with Viacom’s October request to have the suit tossed.
Judge Tosses Viacom Shareholder’s Suit Over Bonuses For Company’s Top Brass
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