ConocoPhillips Exec Pay Suit Should Be Nixed, Judge Says

Law360, Wilmington (March 12, 2014, 10:02 PM EDT) -- A Delaware federal magistrate judge recommended Wednesday that the court grant ConocoPhillips Co.'s request to throw out a derivative suit that challenges an executive compensation plan by alleging that it is in breach of tax and securities regulations and that the directors tried to sell it with misleading proxy statements.

In an 11-page opinion, U.S. Magistrate Judge Sherry R. Fallon wrote that Robert Freedman, the shareholder who sued, did not specifically allege a misstatement or omission in the proxy statement.

Even if the court were to...
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