Redstone Fiddled While CBS Stock Burned: Suit

Law360, New York (December 16, 2009, 6:17 PM EST) -- Media mogul Sumner Redstone, afraid of accelerated debt payments tied to CBS Corp.'s sagging stock, dithered while things worsened, took massive paychecks and ultimately caused shareholders to absorb huge losses, a newly filed derivative suit alleges.

CBS chairman Redstone, CEO Les Moonves and other Tiffany Network brass failed in their legal duty to manage the company in an honest way, according to a complaint brought Tuesday by a Tennessee iron workers' pension plan in the U.S. District Court for the Southern District of New York....
To view the full article, register now.