Yahoo Settles Shareholder Suit Over Severance Plan

Law360, New York (March 6, 2009, 12:00 AM EST) -- Search engine giant Yahoo Inc. will institute major changes to its employee severance plan, clearing a stumbling block shareholders believe was keeping the company from finalizing a profitable acquisition deal.

Judge William B. Chandler III of Delaware's Court of the Chancery approved a settlement on Friday, resolving allegations of breach of fiduciary trust in a class action brought by the Police and Fire Retirement System of the City of Detroit, following Yahoo's decision in 2008 to pass on a takeover bid from software rival Microsoft Corp....
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