J&J Says $175M Shareholder Suit Requires Board Approval

Law360, New York (September 18, 2013, 1:59 PM EDT) -- Johnson & Johnson on Monday asked a New Jersey federal judge to dismiss a shareholder derivative suit over $175 million the company had paid its CEO, citing a recently revamped state law that blocks derivative suits unless a company’s board of directors decides they are in the company’s best interests.

J&J filed a motion to dismiss a derivative suit filed by The George Leon Family Trust, alleging the company’s directors had breached their fiduciary duties by awarding $175 million to former chairman and CEO William C....
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