Janus Sued Over Say-On-Pay Vote

Law360, New York (August 18, 2011, 1:10 PM EDT) -- A Janus Capital Group Inc. investor on Tuesday filed a derivative suit in Colorado claiming the company's board of directors violated its duty to shareholders by approving the mutual fund company's compensation packages despite a vote against them.

Janus shareholder Charles D. Swanson said that 58 percent of the Janus shareholders who took part in an April say-on-pay vote were against the proposed compensation for the mutual fund company's top executives for 2010.

After the vote, the board said it was exercising “business judgment” in approving...
To view the full article, register now.