Shareholders Withdraw Request To Block BP CEO Pay

Law360, New York (February 21, 2007, 12:00 AM EST) -- Two investment funds that had called for an emergency action blocking outgoing CEO Lord John Browne from collecting his $140 million severance pay withdrew their request on Tuesday.

The London Pensions Fund Authority, which owns 3.2 million shares of BP stock, and Unite Here National Retirement Fund, which owns 6,000 shares, first filed the motion in early February in a suit in Alaska’s Superior Court.

They asked the court to place Browne’s retirement package in a court-approved trust while they pursue claims against the company for...
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