Strine Allows Simon Property Suit Over CEO Pay To Proceed

Law360, New York (June 5, 2013, 9:20 PM EDT) -- A Delaware Chancery judge refused Friday to dismiss a lawsuit against Simon Property Group Inc. brought by investors claiming the company improperly hiked CEO David Simon's compensation without shareholder approval.

Delaware Chancery Court Judge Leo Strine handed down a bench ruling allowing the suit to move forward. No transcript or written opinion was available Wednesday.

Investors, led by the Louisiana Municipal Police Employees Retirement System, sued the U.S. shopping mall leader last year over the board's allegedly unauthorized modification of Simon Property's stock incentive plan for...
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