KeyCorp, Execs Hit With Tax Scheme Shareholder Suit

Law360, New York (November 23, 2010, 7:56 PM EST) -- KeyCorp investors have filed a consolidated suit against the company and more than two dozen of its current and former executives, seeking damages for unlawful tax schemes that allegedly lined the pockets of directors at the expense of shareholders and eventually led to a $2 billion bill for back taxes.

The amended complaint was filed Monday in the U.S. District Court for the Northern District of Ohio, consolidating two similar suits that accused the company's directors of violating federal securities laws, breach of fiduciary duty, self-dealing,...
To view the full article, register now.