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...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Freedman v. Mulva et al


Case Number

1:11-cv-00686

Court

Delaware

Nature of Suit

Securities/Commodities

Judge

Leonard P. Stark

Date Filed

August 3, 2011

Law Firms

Companies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.