Simon Group Shareholder Attacks $120M CEO Bonus

Law360, New York (August 9, 2012, 6:55 PM EDT) -- An investor in retail real estate operator Simon Property Group launched a derivative suit Wednesday in Delaware state court to halt a $120 million retention bonus for the company's CEO, saying the compensation was illegal because shareholders never approved the plan. 

The Louisiana Municipal Police Employees Retirement System alleges that SPG unlawfully amended CEO David Simon's employment agreement in July, boosting his annual pay to $1.2 million and awarding him $120 million in special stock known as performance units without requiring he improve the company's financial...
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