• Sordid Tales of Executive Over-Compensation
  • May 13, 2003
  • Law Firm: Bernstein Litowitz Berger & Grossmann LLP - New York Office
  • Nearly three years ago, when the Council of Institutional Investors challenged the payment by the Walt Disney Company of nearly $140 million in cash and fully vested stock options to Michael Ovitz after firing him for fourteen months of incompetence as the Company's president, the Advocate triumphantly proclaimed "An End To Mickey Mouse Corporate governance." While courts historically have not been receptive to shareholder claims based on excessive compensation for top executives, the Disney case seemed to break new ground.