Cox Wins Order Barring Newspaper Golden Parachutes

Law360, New York (December 9, 2008, 12:00 AM EST) -- A newspaper company has been ordered to drop about $5 million in golden-parachute agreements with top executives in a case brought by shareholder Cox Enterprises Inc. alleging News-Journal Corp. engaged in wasteful, unauthorized spending.

In an order filed Friday in the U.S. District Court for the Middle District of Florida, Judge John Antoon II said he agreed with Cox’s contention that the severance agreements were “unauthorized, fraudulent and wasteful” and should be considered void because Cox did not have the opportunity to vote on the agreements....
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