Chancery Won't Nix Suit Over Bank Officers' Stock Awards
Law360 (April 22, 2020, 12:00 AM EDT) -- The Delaware Chancery Court on Tuesday refused to dismiss a derivative suit against Investors Bancorp Inc. over the bank’s handling of hefty stock awards for two top officers, with the judge saying the stockholders had enough of a case to survive Investors Bancorp’s initial challenge.
Vice Chancellor Joseph R. Slights III rejected the New Jersey-based bank’s claims that the stockholders had failed to show "particularized facts" sufficient to back their allegations that Investors Bancorp directors were too conflicted to reassess an alleged quid pro quo that partially restored multimillion-dollar awards for CEO Kevin Cummings and Chief Operating Officer Domenick A. Cama....
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