CBS Investors Throw In Their Own Suit Against NAI, Redstone

By Jeff Montgomery (May 31, 2018, 10:26 PM EDT) -- A CBS Corp. investor sued controlling stockholder Shari Redstone and National Amusements Inc. in Delaware's Chancery Court Thursday, accusing them of wrongly blocking a CBS share dividend that would have given more stockholders voting rights while diluting Redstone's control.

The Westmoreland County Employees' Retirement system's suit — seeking court approval of the share issue and alleging fiduciary breaches by Redstone and NAI — adds putative class and individual claims and broadened investor interests to an already profoundly tangled controversy that arose in part over CBS board opposition to a merger with Viacom Inc., a media and entertainment business also controlled by...

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