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.
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Does anyone know how to get in touch with F. Charlene Henderson? I would like to get in touch with her to offer my assistance and information which may be beneficial to her case. Thankyou.
Rick Johnson - 2009-27-6 07:50:27 EDT -
They finally got caught and now the "cookie jar" gets slammed down on their hands.
Maybe we need the real F.B.I. to look into this.
We don't need the Chinese to kill our business, these guys are doing a fine job of it.
Furnitureman - 2009-24-6 20:44:58 EDT -
The chewing gum team is like a bunch of turkey vultures feeding on dead carrion in the middle of the road. Since the stockholders never made any serious moves in the past, one could say they deserved what they got. I hope this suit awards the stock holders now. The bonuses these vultures have been awarding themselves to finish off the near death companies they inherited from the good old boys are truly unconscionable---especially the over million dollar bonus given the the VP of HR who simply fired personnel endlessly. No new plan for revitalization has been put on the table that makes sense. However the companies are now corpses and have lost everything that made them creative entrepreneurial companies. Only Mr. S is laughing all the way to the bank. He should be reducing his pay, stopping his bonuses and those of his partners in deceit. I would love to hear why you are not choosing to do this, Mr. S. Please email me.
Robert Mark - 2009-24-6 13:38:20 EDT -
Bummer dudes! Chargeback time!
Morris Norris Glabbert - 2009-24-6 11:35:44 EDT
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