Charles Schwab and Viacom office signs. Photo: ALM/Shutterstock.com;
Two proposed class actions have been filed against Charles Schwab and ViacomCBS in the Delaware Court of Chancery suits challenging corporate bylaws for the removal directors.
In the cases, each filed on behalf of Gerald Lovoi, say that bylaws requiring 80% support for removal is invalid under the Delaware General Corporation Law, which gives shareholders the right to remove a director with a majority vote.
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