Umpqua Exec Pay Action Doesn't Pass Muster: Judge

Law360, New York (January 12, 2012, 3:23 PM EST) -- An Oregon magistrate judge on Wednesday recommended the dismissal of a putative class action by Umpqua Holdings Corp. shareholders over executive pay, saying the shareholders had not made sufficient claims that the board of directors acted against the company's best interest.

Magistrate Judge John V. Acosta said the shareholders' complaint, which said the board of directors harmed the company by raising executive pay in 2010 despite a negative shareholder return, did not make claims that would override a presumption that the board used its business judgment...
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