Simon Property's Board Misled Investors About Bonuses: Suit

Law360, New York (August 14, 2012, 7:14 PM EDT) -- Already seeking to scotch a $120 million retention bonus awarded to Simon Property Group Inc.'s CEO, an investor bulked up its derivative suit Monday with a class action claim accusing Simon's board of deceiving shareholders about proposed changes to the company's incentive plan.

Amending a complaint filed Aug. 8 in Delaware Chancery Court, the Louisiana Municipal Police Employees Retirement System alleges that directors of the real estate investment trust provided false and misleading information in proxy materials they supplied ahead of a May 17 vote on...
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