Viacom Board Gets $37M Executive Bonus Suit Axed

Law360, Wilmington (July 17, 2013, 7:06 PM EDT) -- Viacom Inc. directors on Tuesday successfully fought off a shareholder suit targeting bonuses awarded to the media giant's top brass as a Delaware federal judge tossed a combined derivative and direct action that sought to recover nearly $37 million and halt further incentive payouts.

U.S. District Judge Sue L. Robinson granted the board's request to dismiss the suit, which alleged Viacom directors violated both the federal tax code and a 2007 executive incentive plan by granting tax-deductible bonuses based on subjective criteria and asserted that a...
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