The Walt Disney Co.'s board did not breach its fiscal responsibilities by agreeing to hire Hollywood superagent Michael Ovitz as president in 1995, then granting him a $140 million severance package when he left 14 months later, a judge ruled yesterday.
Chancellor William Chandler III said that while directors' conduct ''fell significantly short of the best practices of ideal corporate governance," board members did not breach their duties or commit waste.
His decision closes a shareholder derivative trial that revealed the stormy inner workings of one of the world's largest entertainment companies.
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