Shareholder sues FBI over executive pay
Seeks greater oversight, restitution
Heath Combs -- Furniture Today, June 24, 2009
ST. LOUIS — A longtime Furniture Brands International shareholder is suing company executives for allegedly breaching fiduciary duties for the last two-and-a-half years.
The suit covers current and former board members and executives and was filed by F. Charlene Henderson on behalf of the company. She has been a shareholder since 1998, court documents said.
The suit alleges that FBI executives unjustly benefited from false and misleading information in public statements and disclosures and have wasted corporate assets.
Henderson's suit said compensation decisions at FBI have been divorced from company performance. It seeks greater oversight of the company's corporate governance and board policies and restitution of compensation from executives back to FBI.
Court documents said the company approved a long-term compensation plan in December to pay executives $18 million over the next two to five years, even as earnings dwindled.
FBI officials could not be reached at press time. They have filed for dismissal of the suit and said that the board does not lack independence and that the suit does not prove failure to monitor operations on FBI's behalf.
The suit is now in U.S. District Court in Missouri.
-
Shareholder sues Furniture Brands over executive pay
Jul 13, 2009
Specialty retailer LoveSac introduces new store design
Kincaid Furniture honors Jimmy and Rosalynn Carter for Habitat work
Belfort Furniture, Lawrance Furniture are NHFA Retailers of Year
Furniture, mattress sales boost Conn's sales 37.6% in recent quarter
IMC honors Mike Snider with Robert H. Spilman award for excellence
Featured Company
-
FurnitureCore.com
FurnitureCore.com is a dynamic web application aimed at the furniture industry. Retailers and manufacturers alike will find our deep reserve of tools to be exactly what their furniture business needs.www.furniturecore.com... more
VIEW ALL GALLERIES
