Suit Over Chesapeake CEO's $75M Bonus Tossed

Law360, New York (March 1, 2010, 4:11 PM EST) -- An Oklahoma judge has dismissed without prejudice a shareholder lawsuit demanding that Chesapeake Energy Corp. justify its decision to award a $75 million bonus to CEO Aubrey McClendon at the end of 2008 — a year that saw the company's share price plummet.

Judge Twyla Mason Gray's decision, issued Friday in the District Court of Oklahoma County, Okla., said the plaintiff, the Louisiana Municipal Police Employees' Retirement System, failed to seek remedy with the company before filing suit.

The ruling gave the plaintiff 90 days to...
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