Derivative Lawsuit v. Honeywell Dismissed On Appeal

Law360, New York (August 28, 2006, 12:00 AM EDT) -- A shareholder in a derivative class action lawsuit against Honeywell International Inc. expected too much detail about the quantity of stock tied up in the aerospace conglomerate's new employee stock-option plan, according to a recent federal appeal court decision.

The ruling, from the U.S. Court of Appeals for the Third Circuit, cleared 13 members of Honeywell’s board of directors, who were accused of failing to make proper disclosures in a proxy statement that sought and received shareholder approval for the stock-option plan.

The plaintiff, Frank D....
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