Hercules Investor Points To Say-On-Pay Vote In Raise Row

Law360, New York (September 19, 2011, 1:12 PM EDT) -- A Hercules Offshore Inc. investor argued Friday in Texas that a shareholder say-on-pay vote rejected hefty raises for top executives in 2010 and sufficiently demonstrated that the board of directors had breached its fiduciary duties by approving the pay hikes.

Plaintiff Sean Matthews made the argument in response to the defendants' attempt to squash a derivative shareholder lawsuit in Texas federal court against the global provider of offshore contract drilling, liftboat and inland barge services. The lawsuit claims that pay increases of up to 189 percent...
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