Simon Property Board Says CEO Pay Claims Are Moot

Law360, Wilmington (March 25, 2014, 10:56 PM EDT) -- Directors of Simon Property Group Inc. urged the Delaware Chancery Court on Tuesday to dismiss a derivative lawsuit over CEO David Simon's bonus pay as moot after altering the compensation in a way they claim puts to rest disputes raised by investors.

At a hearing in Wilmington, directors' attorney Lewis R. Clayton of Paul Weiss Rifkind Wharton & Garrison LLP told Vice Chancellor J. Travis Laster that the shareholders who lodged the derivative suit in 2012 had essentially won when Simon agreed to changes in the...
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