Swift Transportation Investor Blasts Founder's Borrowing

Law360, Wilmington (February 15, 2017, 4:55 PM EST) -- An investor in trucking giant Swift Transportation Co. has launched a derivative lawsuit in Delaware Chancery Court, unsealed late Tuesday, accusing the board of failing to control founder and retired CEO Jerry Moyes' practice of borrowing against his stake in the company, hurting shareholders in the process.

Swift investor Shiva Stein argues that Moyes, who retired as chief executive at the end of 2016, has been taking margin loans in excess of company policy to prop up his other endeavors, and that senior leadership has not only not done anything to stop him, but has accommodated the activity.

"The board has...

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