AK Steel Exec Pay Suit Nixed Over Standing Issue

Law360, Wilmington (November 13, 2013, 10:29 PM EST) -- A Delaware federal judge on Wednesday tossed a shareholder suit that challenged AK Steel Holding Corp.'s executive compensation plan, finding the investor lacked standing to bring derivative claims against the company's officers and directors.

Shareholder Ruth Abrams sued CEO James Wainscott and AK Steel directors in 2011, alleging they had falsely represented in a 2010 proxy statement that bonuses for Wainscott and four other executives were tax-deductible.

U.S. District Judge Richard G. Andrews — who dismissed the suit last year but allowed Abrams to refile —...
To view the full article, register now.