Delphi CEO Skimmed $55M From Shareholders: Suit

Law360, Wilmington (December 23, 2011, 5:12 PM EST) -- A Delphi Financial Group Inc. investor launched a putative class action in Delaware on Thursday accusing the company's CEO of pocketing at least $55 million that should go to public shareholders in the proposed buyout of the insurance company by Tokio Marine Holdings Inc.

Tokio Marine — one of Japan’s biggest insurance companies — unveiled the $2.7 billion deal for Delphi on Wednesday, continuing a global expansion strategy centered on the $1 trillion U.S. insurance market.

But the deal improperly pays $9 per share less for...
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