2nd Circ. Says Coty CFO Owed $5M Over Stock Options

Law360, New York (March 4, 2011, 5:06 PM EST) -- The Second Circuit on Thursday affirmed a lower court's ruling that a Coty Inc. ex-CFO was entitled to $5.4 million in damages after the world’s largest fragrance company retroactively reduced the value of its stock options.

A three-judge panel of the U.S. Court of Appeals for the Second Circuit found that Coty breached its options contract by retroactively valuing the company’s shares at nearly half their value after appellee Michael Fishoff exercised them.

The judges agreed with Judge Shira A. Scheindlin’s Feb. 5, 2010, decision in...
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