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Yahoo Alters Severance Plans To Settle Suits

Law360 (December 11, 2008, 12:00 AM EST) -- In order to settle shareholder litigation, Yahoo Inc. has agreed to amend controversial employee severance plans instated in February after Microsoft Corp.'s $44.6 billion takeover bid, which the troubled search engine repeatedly rejected.

The settlement — reached Wednesday — brings an end to several shareholder lawsuits filed by the Police & Fire Retirement System of the City of Detroit and the General Retirement System of the City of Detroit among others in the Delaware Court of Chancery.

Under the terms of the new plans, only employees...
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