Best Buy Brass Cashed Out At Investor Expense: Suit

Law360, New York (June 16, 2011, 7:05 PM EDT) -- Best Buy Co. Inc.'s top officers, including CEO Brian J. Dunn and Chairman Richard M. Schulze, predicted strong 2011 earnings despite knowing the company was headed for a slowdown, according to a shareholder derivative suit filed in Minnesota on Wednesday.

Georgia investor Salvatore M. Talluto's complaint claims each member of the retail giant's 12-member board breached his or her fiduciary duty to shareholders, names the entire board as individual defendants, and seeks damages.

The directors knew about the company’s sales slowdown long before the public, and...
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