Federal Judge Arthur D. Spatt has dismissed a shareholder's lawsuit against three former North Fork Bancorporation executives over their $288 million compensation package. Plaintiff Carol Fisher alleged in her complaint that the defendants breached their fiduciary duties by disseminating proxy statements that misrepresented their executive compensation. Spatt said that Fisher's allegations were insufficient to present a claim for violation of the federal securities laws.
May 16, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A federal judge has dismissed a lawsuit against three former executives of North Fork Bancorporation filed by a shareholder upset over $288 million in executive compensation.
Eastern District of New York Judge Arthur D. Spatt, in Fisher v. Kanas, 07-CV-0302, declined to remand the action to state court.
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