Honeywell Brass Hit With Investor Suit Over Option Grants

Law360, Wilmington (April 11, 2013, 12:40 AM EDT) -- A Honeywell International Inc. investor launched a derivative suit in Delaware Chancery Court on Wednesday alleging that directors and officers granted and accepted stock options that far exceeded the amount permitted under the company's bonus program, harming both the high-tech manufacturer and its shareholders.

Filed by shareholder Christine Ruckert, the complaint asserts that Honeywell's board doled out more than 4 million options to executives between 2006 and 2011, violating the terms of an incentive plan that placed a 2 million-share cap on options which vest in...
To view the full article, register now.