Monday, October 10, 2005

Lifting the Lid: Disney governance case not over yet


The legal battle over the hiring and firing a decade ago of Walt Disney Co. executive Michael Ovitz -- one of the biggest cases to go to court concerning boardroom conduct -- just won't go away.

Lawyers who lost, led by high-profile plaintiffs' attorney Melvyn Weiss, are readying their appeal and point to the judge's own words in his August decision that found in the Disney board's favor.

While Delaware Chancery Judge William Chandler ruled that the media conglomerate's board did not break the law in shelling out $140 million in severance to Ovitz, he questioned the independence of the board and called former Chief Executive Michael Eisner "imperial" and "Machiavellian."

See full Article.