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Shareholders Sue To Stop Steak ’N Shake Owner’s Reorg

Law360 (February 7, 2018, 6:02 PM EST) -- A group of shareholders in Biglari Holdings Inc., owner of the Steak ’n Shake restaurant chain, has sued the company and board members to stop a reorganization effort, arguing it will unjustly enrich chief executive Sardar Biglari, who within three years has already reaped $80 million to become the highest paid CEO in the restaurant industry.

Biglari Holdings, its CEO and board members Philip L. Cooley, Kenneth R. Cooper, James P. Mastrian and Ruth J. Person on Tuesday removed to Indiana federal court the putative class...
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