Clear Channel Faces Static From Shareholder

Law360, New York (November 20, 2006, 12:00 AM EST) -- A perturbed shareholder has hit Clear Channel Communications Inc. and its directors with a lawsuit related to a proposed $18.7 billion buyout by the radio station operator’s founding family and two private equity firms.

On Thursday, plaintiff Lou Ann Murphy filed a suit seeking class action status in the District Court for the 166th Judicial District in Bexar County, Tex., accusing Clear Channel and its executives of breaching their fiduciary duties.

The complaint came less than a week after Clear Channel announced its plan to sell...
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