Chesapeake Shareholders Decry $75M Bonus

Law360, New York (April 9, 2009, 12:00 AM EDT) -- A group of Chesapeake Energy Corp. shareholders is demanding that the company justify its decision to award a $75 million bonus to CEO Aubrey McClendon at the end of last year.

The Louisiana Municipal Police Employees' Retirement System, which holds 85,000 Chesapeake shares, filed a books-and-record demand on March 26 in the District Court In and For Oklahoma County, Okla. It seeks to determine the rationale for the Dec. 31 bonus and whether company officials breached their fiduciary duty to shareholders by awarding it.

The petition...
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