Disney Ruling Affirmed

Posted on June 9, 2006 by
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In Re The Walt Disney Company Derivative Litigation, William Brehm and Geraldine Brehm, et. al. v. Michael D. Eisner, et. al., No. 411, 2005 (Del. June 8, 2006).

On June 8, 2006, the Delaware Supreme Court affirmed the Delaware Court of Chancery's decision issued by Chancellor William B. Chandler, III in August 2005 which stated that the directors of The Walt Disney Co. had not acted in bad faith when they awarded Michael S. Ovitz a $130 million severance package.

According to the Supreme Court, the decisions made by the directors were "protected business judgments, made without any violations of fiduciary duty."

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