Topic: Legal

— 3858 items —

Win some, lose some…
August 19, 2004—As regular readers of footnoted.org know, even top executives who screw up or resign under some sort of cloud, usually still walk away with generous severance agreements, lavish perks, and consulting contracts. But that’s not the way things worked out for former Baxter (BAX) Chairman and CEO Harry Kraemer, Jr. who stepped down in April, […]

Another rewarding screw-up…
August 9, 2004—In the 10-K that Con-Agra (CAG) filed last week, the company noted that it had put aside $25 million in connection with a three-year old SEC investigation into accounting practices at a former subsidiary, United Agri Products (UAP). In 2001, Con-Agra restated financial results dating back to 1997 because of the way it booked income […]

A rewarding screw-up…
August 6, 2004—Top executives who screw up, say by having their testimony before a US District Judge ruled internally inconsistent potentially costing the company big bucks may be shown the door. But they still wind up with a big fat consulting contract. That’s exactly what happened at Ford Motors (F) which announced back in April that David […]

Parting in such sweet sorrow…
July 30, 2004—Another top executive at Janus (JNS) has stepped down from the once hot fund company that got caught up in last year’s big mutual fund scandal. And like former CEO Mark Whiston, Lars Soderberg, 44, is also walking away with some nice — though not as nice — parting gifts. According to Soderberg’s severance agreement […]

Garmentos duking it out…
June 9, 2004—The dispute between Polo Ralph Lauren Corp. (RN) and Jones Apparel Group (MAXS) over licensing agreements for Jones’ popular Lauren by Ralph Lauren line continues to drag on, according to Polo’s most recent 10-K and the stakes for both companies are getting higher. Last June, Jones sued Polo for $550 million after the company cancelled […]

Timing is everything…
June 1, 2004—It’s always interesting to see which companies choose to file late on a Friday before a big holiday weekend like Memorial Day. While It doesn’t always mean that the company is trying to hide something negative or perhaps controversial, there’s clearly a hope that investor’s attention will be focused elsewhere. Take Petco (PETC) , the […]

Something to fall back on…
May 25, 2004—Last year, Rite-Aid (RAD) Chairman Robert Miller announced that he was stepping down as CEO, but would remain chairman of the company until the 2005 board meeting. But Rite-Aid’s recent proxy shows that Miller, 60, received the same amount of salary in 2003 — $1.24 million –as he did in 2002, even though he stepped […]

Shown the door and given a raise…
May 13, 2004—When C. Michael Gray resigned as CEO of Performance Food Group (PFGC) in March, the company stressed that it had nothing to do with a settlement the Richmond-based food distribution company had reached with the SEC three weeks earlier. Perhaps that’s why the company saw fit to give Gray,54, a raise as they sent him […]

The devil is in the details…
May 10, 2004—When Janus Capital (JNS) announced on April 20 that CEO Mark Whiston was resigning, it said that his severance would result in a $17 million charge, or 4 cents a share, during the second quarter. The company also said that Whiston, 42, would receive $5.8 million in cash, including an unspecified amount of money in […]

Bonus for bad behavior!
April 8, 2004—In the proxy it filed earlier this week, Alliant Energy (LNT) noted that it had given its former CFO, Thomas Walker, a $680,000 bonus after he resigned at the end of August last year as part of his severance agreement and release. That’s more than twice the salary he received in 2002, which might seem […]