Del. Justices Ponder Bank Biz Judgment In $51M Pay Row

Law360, Wilmington (October 4, 2017, 7:30 PM EDT) -- Delaware’s Supreme Court on Wednesday pressed Investors Bancorp Inc.'s attorney on the limits of stockholder-ratification and business-judgment protections, as counsel for shareholders argued for the revival of claims that a $51.5 million equity award to directors went too far.

A vice chancellor had tossed the derivative complaint last year, rejecting claims that the company’s directors and top officers exploited a stockholder vote for a broader, $116 million employee equity incentive by promptly giving themselves a $51.5 million share of the total in an “orgy of self-dealing”...
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