Investors Seek Review of Ovitz’s Disney Pay
Former Walt Disney Co. President Michael Ovitz should face investor claims that he didn’t deserve his $109-million severance package because he took the job knowing he wouldn’t stay long, according to court papers filed by lawyers representing the shareholders.
The papers were in response to Ovitz’s bid to have the case dismissed from Delaware Chancery Court.
Investors charge that Ovitz violated his legal duties to shareholders by getting a provision put into his contract that would pay the former Hollywood agent millions of dollars in stock options if he left. He left after just 18 months.
Ovitz contends that investors cannot prove he violated his legal obligation. A trial date has been set for Oct. 18.
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