Logo

Deadline

Two Lawsuits to Be Coordinated in CBS-National Amusements Beef as Judge Declines Stay

Jun 20, 2018  •  Post A Comment

“A group of shareholders will be fighting National Amusements on the same schedule as CBS after a Delaware judge denied NAI’s motion to stay the class action lawsuit and ruled it could be tried with the television company’s,” Deadline reports.

The decision in the Delaware Court of Chancery comes as CBS continues to press for the right to issue a special dividend to shareholders — a move that would dilute National Amusements’ voting interest.

“The shareholders, represented in a class action suit brought by the Westmoreland County Employees’ Retirement System, filed a lawsuit in late May claiming they had a contractual right to the dividend, and that NAI’s move to require a supermajority board vote and nullify the dividend caused them harm,” Deadline reports, adding: “Attorneys for the shareholders had requested a consolidation, which would have combined their lawsuit with the CBS suit. Judge Andre Bouchard instead ruled for coordination, syncing the discovery timelines and the trial.”

Your Comment

Email (will not be published)