$3M JC Penney Attys' Fee Ruling Stands In Investor Suit

Law360, Dallas (December 22, 2014, 4:31 PM EST) -- A Texas appeals court on Friday denied JC Penney Co. Inc.'s request to overturn a $3.1 million attorneys' fee award approved by a trial judge in a shareholder derivative suit against the retailer alleging an improper executive compensation scheme.

Plaintiff Everett Ozenne alleged in a 2012 suit that the company's board had systematically overpaid its executives, particularly former CEO Myron Ullman, who led the company through a period of declining sales from 2004-11. The parties reached an agreement later that year to settle the case, with...
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