Allergan Exec Bonus Suit Should Be Axed, Judge Says

Law360, Wilmington (March 13, 2014, 10:12 PM EDT) -- A Delaware magistrate judge urged the court on Thursday toss a shareholder derivative suit claiming Allergan Inc.'s directors gave investors misleading information about a proposed executive bonus plan, saying the pharmaceutical company's motion to dismiss should be granted on “demand futility” grounds.

In a 13-page report, U.S. Magistrate Judge Sherry R. Fallon said the New Jersey Building Laborers Pension Fund lacked standing to bring a shareholder derivative suit because it did not ask the board to take action prior to filing and failed to show that...
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