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Delaware Court Dismisses 162(m) Claims and Denies Plaintiff's Request for Fees
Winston & Strawn LLP, via Lexology; free registration required Link to more items from this source
May 16, 2012

"In Freedman v. Adams, a 'shareholder' brought derivative claims against the board of directors of XTO Energy alleging breaches of fiduciary duty and waste due to the board's alleged failure to structure over $40 million of executive bonuses over a three-year period in a manner that would have made them deductible under Code Sec. 162(m). Apparently, the board get religion after the lawsuit was filed and approved a Section 162(m) plan for cash bonuses shortly thereafter. However, the Delaware Chancery Court rejected all claims relating to Code Section 162(m)[.]"

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