Shareholder Suit Over Redstone Pay Has Day In Court

9/17/17

By Jason Aycock, SeekingAlpha

A judge is considering motions from attorneys for CBS and former Executive Chairman Sumner Redstone to dismiss a shareholder suit over payments that went to Redstone.

The suit challenges more than $10M that went to the now-94-year-old executive, alleging the funds were a bad-faith waste of assets since Redstone was incapacitated.

Defendants argue that the payments were approved in the business judgment of the independent compensation committee, and that plaintiffs haven't presented any evidence to the contrary.

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