What will happen in the case against United Airlines' Board of Directors for not clawing back dismissed CEO's pay in the Delaware Chancery Court complaint?
Started
Jun 13, 2017 02:00PM UTC
Closed Dec 31, 2017 04:25PM UTC
Closed Dec 31, 2017 04:25PM UTC
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United Continental Holdings Inc. directors were sued by a pension fund for granting a $37 million severance package to the carrier’s former chief executive officer, who was ousted in a bribery scandal.
The airline’s board erred in signing off on “lavish golden parachutes” for ex-CEO Jeff Smisek and other officials forced out after investigators found a public official strong-armed United into scheduling twice-weekly flights to an airport near a Port Authority of New York and New Jersey official’s vacation home, the Florida-based fund said in a lawsuit.
Directors also harmed investors by refusing to demand that Smisek return severance payments, the City of Tamarac Firefighters Pension Trust Fund said in the Delaware Chancery Court complaint.
Sources: Bloomberg, May 2017, New York Times, June 2017
This question has ended, but is awaiting resolution by an admin.
Possible Answer | Final Crowd Forecast |
---|---|
Case is dismissed, or a settlement is reached between the two parties | 1% |
Case ruled in favor of United | 1% |
Case ruled in favor of Pension Fund | 1% |
Nothing will happen prior to the end of 2017 | 95% |