Judge Throws Wrench In AK Steel Investor's Exec Bonus Suit

Law360, New York (August 23, 2012, 4:39 PM EDT) -- Another shareholder derivative lawsuit challenging an executive compensation package has fallen foul of tough procedural hurdles, with a Delaware judge on Tuesday dismissing an investor's case against the CEO and board of AK Steel Holding Corp.

The investor, Ruth Abrams, sued CEO James Wainscott and AK Steel directors in 2011 on a theory of corporate waste, alleging they falsely represented in an April 2010 proxy statement that bonuses for Wainscott and four other executives were tax-deductible. Such suits have become popular since Congress passed the "say-on-pay"...
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