Judge OKs Shareholder Suit Against Viacom

Law360, New York (July 5, 2006, 12:00 AM EDT) -- As company boards are facing increased scrutiny over the touchy issue of executive pay, a New York judge has given a green light to disgruntled shareholders of Viacom Inc., ruling in a decision published late last week that the shareholders can forge ahead with their lawsuit against the communications goliath.

The shareholders alleged in their suit that Viacom’s board violated its fiduciary duty in 2004 when it overpaid three top-level executives by almost $160 million, even as the company itself was tallying losses of nearly $17.5...
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