Nordstrom Hid Cost Of Family's Plane Rides, Shareholders Say

By Jonathan Randles (March 13, 2015, 3:06 PM EDT) -- Nordstrom Inc. was accused of hiding from company shareholders the costs of operating a fleet of private airplanes for members of the Nordstrom family, according to a lawsuit filed on Thursday in Washington federal court.

The complaint, brought by plaintiff Judith Burbrink, claims Nordstrom has filed for years false, misleading proxy statements with the U.S. Securities and Exchange Commission that mask substantial costs associated with operating the planes while rubber-stamping related party transactions with the family.

Nordstrom has claimed in SEC filings that the company charges the family market prices for services it provides them. Moreover, the company has stated that...

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