Nabors Investor Sues Over Ex-CEO's Golden Parachute

Law360, New York (November 18, 2011, 3:22 PM EST) -- A retirement fund shareholder in oil drilling contractor Nabors Industries Ltd. filed a derivative suit and putative class action Friday in Texas federal court over a $100 million payout that former CEO Eugene Isenberg received for being ousted in favor of disciple Anthony Petrello.

The Erie County Employees Retirement System filed the suit on behalf of shareholders and derivatively on behalf of the company against certain directors and officers, accusing them of breach of fiduciary duty, corporate waste, unjust enrichment and oppressive conduct.

“In gross breach...
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