Southwest Shareholders Urge Suit Against Board

Law360, New York (April 21, 2008, 12:00 AM EDT) -- On the heels of accusations from the U.S. Federal Aviation Administration that it allowed airplanes to fly without performing mandatory safety inspections, Southwest Airlines Co. said Monday that four shareholders have asked the company to sue members of its board of directors for allegedly breaching their fiduciary duties.

In a filing with the U.S. Securities and Exchange Commission, the airline said that none of the shareholders have filed derivative suits yet. Southwest said that it is “currently evaluating” the shareholders' demands.

The FAA told Southwest on...
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