Disney shareholders appeal Ovitz severance case News
Disney shareholders appeal Ovitz severance case

[JURIST] Lawyers representing stockholders of Walt Disney Co. [corporate website] are appealing a decision [PDF text; JURIST report] that held that Disney board members did not violate their fiduciary duties or waste company resources when they hired and fired former Hollywood agent Michael Ovitz [Wikipedia backgrounder]. Disney shareholders had challenged the decision to give Ovitz a $140 million severance just 14 months after he was hired, arguing that Ovitz should have been fired for cause without receiving the extra money. AP has more.