Chancery Nixes Claims Over $10M Payout For Ex-Mattel CEO
Law360, Wilmington (January 19, 2017, 5:48 PM EST) -- A Delaware Chancery judge on Thursday threw out derivative claims connected to the $10 million severance payment received by former Mattel CEO Bryan Stockton when he left the company, compensation that suing shareholders claimed Stockton was not entitled to under the company's executive severance plan.
In a 20-page opinion, Vice Chancellor Tamika Montgomery-Reeves ruled that the suing shareholders hadn't shown that the toy giant acted negligently or in bad faith when it refused his demand to recover the severance payment.
Key to the case of suing shareholder Robert C. Andersen and others were allegations that Mattel acted in gross negligence by...
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