Chancery Throws Out Challenge To Redstone's Viacom Pay
Law360, Wilmington (October 25, 2017, 9:03 PM EDT) -- A Delaware Chancery judge on Wednesday threw out a derivative complaint challenging $13 million in compensation paid to Viacom's ailing former executive chairman Sumner Redstone, ruling that a general release from a confidential 2016 settlement that resolved several disputes over Redstone's competency prevents the case from going forward.
In a 14-page opinion, Chancellor Andre G. Bouchard wrote that claims against Viacom's board launched by shareholder R.A. Feuer in July 2016 must be dismissed because the language of the settlement agreement "unambiguously" releases the targeted directors from "any and all claims" up to its effective date, which was Aug. 18, 2016....
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