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The Walt Disney Co.'s board did not breach its fiscal responsibilities by agreeing to hire Hollywood superagent Michael Ovitz as president in 1995, then granting him a $140 million severance package when he left just 14 months later, a judge ruled Tuesday. The ruling closes a shareholder derivative trial that revealed the stormy inner workings of one of the world's largest entertainment companies. The suit claimed that members of Disney's board did not properly scrutinize Ovitz's employment contract.
August 10, 2005 at 12:00 AM
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The original version of this story was published on Law.Com
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