Author Topic: "The lawsuit is essentially CSX vs. CSX"  (Read 335 times)

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nkalanaga

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"The lawsuit is essentially CSX vs. CSX"
« on: December 19, 2018, 01:27:42 AM »
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From Railway Age, which got it from the Florida Times-Union:
https://www.railwayage.com/freight/shareholders-suing-csx-board-over-ehh-hiring-report/

" For CSX, the fallout from former CEO E. Hunter Harrison’s December 2017 death only eight months after he was hired at a substantial premium continues. According to a Dec. 15, 2018 report by Andrew Pantazi in the Florida Times-Union, three CSX shareholders filed a derivative suit this year against the company’s board, “arguing it committed misconduct in hiring Harrison and not sharing information about Harrison’s health with shareholders before a 2017 vote to pay for an $84 million benefits package for [him].”

In the derivative shareholder suit, shareholders are suing on behalf of CSX “because they believe the board of directors hasn’t been representing the company well,” Pantazi wrote. “Meanwhile, the board of directors is arguing it does represent the company. To boil down the complicated legal matters: The lawsuit is essentially CSX vs. CSX.” "

The article has a lot more detail, but the last line of the summary seems to say it all...

N Kalanaga
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Iain

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Re: "The lawsuit is essentially CSX vs. CSX"
« Reply #1 on: December 19, 2018, 01:27:06 PM »
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Personally, I think that any board that brings on someone like Harrison or his ilk are terminally stupid.
Thanks much,
Mairi Dulaney, RHCE
Member, Free Software Foundation and Norfolk Southern Historical Society

http://jdulaney.com

nkalanaga

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Re: "The lawsuit is essentially CSX vs. CSX"
« Reply #2 on: December 20, 2018, 12:50:26 AM »
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That seems to be the shareholders' position as well, at least those suing.
N Kalanaga
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