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J&J Investors Defend Suit Over Ex-CEO's $175M Payout

Law360, New York (October 8, 2013, 9:47 PM EDT) -- A group of Johnson & Johnson shareholders on Monday renewed their suit alleging the company’s directors wrongly paid $175 million to a former CEO who headed the company as product recalls and damaging lawsuits depressed stock prices, arguing the J&J board shouldn't be allowed to scuttle their claims.

J&J had filed a motion to dismiss the shareholders' allegations in September, asking the judge to dismiss the case based on a New Jersey law that allows it to decline to pursue a derivative lawsuit if the board decides the action is not in the company’s best interest after reviewing the results of...

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