Ark. High Court Tosses Suit Against Dillard's Board

Law360, New York (September 16, 2011, 4:19 PM EDT) -- Arkansas' highest court on Thursday affirmed the dismissal of a shareholder derivative suit that claimed members of Dillard's Inc.'s board of directors had unjustly enriched themselves while the company's performance tumbled.

The Arkansas Supreme Court denied a petition to review the decision, with only Associate Justice Paul E. Danielson indicating that he was inclined to hear the appeal.

The lawsuit alleged that the company's board of directors steered business to one member's companies and set high executive pay even as a shaky economy rocked the company....
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