Calif. Court Applies Del. Law In Jacobs 'Say-On-Pay' Suit

Law360, Los Angeles (September 17, 2013, 10:35 PM EDT) -- A California appellate court ruled Tuesday that Jacobs Engineering Group Inc. shareholders fell short of Delaware's pleading requirements in their lawsuit alleging Jacobs’ board improperly boosted executive pay without shareholders' consent.

The appellate court found in its affirmation of a Los Angeles Superior Court ruling that the shareholders filing the proxy suit against Jacobs’ board had failed to sufficiently argue why they did not ask the board to change its compensation plan before filing suit in what is called a pretrial demand, according to Tuesday’s decision....
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