Cincinnati Bell Shareholders Sue Over Execs' Raises

Law360, New York (July 5, 2011, 10:33 PM EDT) -- Cincinnati Bell Inc. shareholders filed a derivative suit Tuesday in Ohio federal court claiming the telecommunications company's board breached its duty to shareholders by approving large raises for executives despite poor financial earnings in 2010.

In a complaint filed in the Southern District of Ohio, the shareholders, led by the NECA-IBEW Pension Fund, say the company violated its own "pay-for-performance" policy by increasing executives' salaries between 54 and 80 percent in a year when the company's net income declined $61.3 million and its annual shareholder return...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

NECA-IBEW Pension Fund v. Cox et al


Case Number

1:11-cv-00451

Court

Ohio Southern

Nature of Suit

Stockholders Suits

Judge

Timothy S. Black

Date Filed

July 4, 2011

Law Firms

Companies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.