Disney nephew drops lawsuit against company Christopher Tate at 3:12 PM ET
[JURIST] The Walt Disney Co. [corporate website] shareholder derivative lawsuit filed in May by nephew of founder Walt Disney and Disney shareholder Roy Disney [official website] was dropped Friday evening after the two sides came to agreement. Roy Disney and business partner Stanley Gold sued the company in May [JURIST report], claiming that the selection of new CEO Robert Iger [official profile] as a replacement for former Chief Executive Michael Eisner [official profile] was the result of a deliberately incomplete process that misled shareholders. The settlement, which gives Roy Disney the non-voting but ostensibly influential position of Director Emeritus at the company, ends years of infighting between the media giant and the close relative of its founder. Last year, Roy Disney and Gold had led a cadre of shareholders in a no-confidence vote [text of statement, Sept. 13, 2004] that resulted in Eisner's resignation from the position of CEO, effective Sept. 30 of this year. Marketwatch has more. Read the joint statement announcing the settlement from Walt Disney Co., Stanley Gold, and Roy Disney.
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