Chesapeake Execs Sued Over $75M CEO Bonus

Law360, New York (September 8, 2011, 6:31 PM EDT) -- A Chesapeake Energy Corp. shareholder filed a derivative suit Thursday in Oklahoma federal court claiming the board bailed CEO Aubrey McClendon out of financial trouble with a $75 million bonus as the company's shares plummeted.

In a complaint filed in the Western District of Oklahoma, shareholder James Clem accuses McClendon and other members of the board of directors of breaching their fiduciary duties by approving not just McClendon's large bonus in 2008, but also a purchase of his personal art collection for $12.1 million in 2008...
To view the full article, register now.