InfoGroup CEO Sacked For Wild Spending

Law360, New York (August 21, 2008, 12:00 AM EDT) -- InfoGroup Inc. founder Vinod Gupta has resigned as CEO as part of a settlement agreement reached with company shareholders Thursday, following a lawsuit alleging that Gupta misspent millions of company dollars.

The lawsuit alleges that Gupta misspent company money on “self-interested transactions,” including large sums that went to former President Bill Clinton and wife Sen. Hillary Clinton to pay for private jets to and from campaign and fundraising events.

Gupta will retain a position on the board of directors, and Board Chairman Bill Fairfield will assume...
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