Loeb's Third Point Fund Sues Sotheby's Over Poison Pill

Law360, Wilmington (March 25, 2014, 10:35 PM EDT) -- Activist investor Daniel Loeb escalated his fight to install directors on Sotheby's board  Tuesday as his Third Point LLC launched a suit challenging a poison pill that prevents the hedge fund from increasing its stake in the venerable auction house.

Filed in Delaware Chancery Court, the suit alleges that Sotheby's directors breached their fiduciary duties by adopting a poison pill specifically designed not to prevent a takeover but rather stymie Third Point's bid to elect Loeb and two others to the company's 12-member board.

Third Point...
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