Conoco Hit With Investor Suit Over Exec Payment Plan

Law360, New York (August 4, 2011, 8:35 PM EDT) -- A shareholder of energy giant ConocoPhillips sued the company and its board of directors in Delaware federal court on Wednesday, challenging a compensation plan for executives that has allegedly been pursued in breach of tax and securities regulations.

Robert Freedman contends the compensation plan as implemented doesn’t meet necessary requirements that allow the company to take advantage of tax deductions for earnings above $1 million for certain highly paid employees.

He accuses ConocoPhillips and individual defendants of issuing a false and misleading proxy statement, breaching fiduciary...
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