- Defense
- Eisner, Michael
- Represented By:
- Naftalis, Gary (Kramer Levin Naftalis & Frankel LLP)
- Defense
- Ovitz, Michael
- Defense
- Russell, Irwin
- Represented By:
- Foster, Anne (Richards, Layton & Finger, PA)
- Defense
- Gold, Stanley
- Represented By:
- Alexander, Stephen (Bingham McCutchen LLP )
- Defense
- Disney, Roy
- Represented By:
- Sparks, A. Gilchrist (Morris, Nichols, Arsht & Tunnell, LLP)
- Defense
- Bollenbach , Stephen
- Defense
- Mitchell, George
- Represented By:
- Finkelstein, Jesse (Richards, Layton & Finger, PA)
- Defense
- Nunis, Richard
- Represented By:
- Williams, Gregory (Richards, Layton & Finger, PA)
- Defense
- Bowers, Reveta
- Represented By:
- Foster, Anne (Richards, Layton & Finger, PA)
- Defense
- Litvack, Sanford
- Represented By:
- Payson, Robert (Potter Anderson & Corroon LLP (Wilmington))
- Defense
- O'Donovan, Leo
- Represented By:
- Williams, Gregory (Richards, Layton & Finger, PA)
- Defense
- Wilson, Gary
- Represented By:
- Finkelstein, Jesse (Richards, Layton & Finger, PA)
- Defense
- Poitier, Sidney
- Represented By:
- Foster, Anne (Richards, Layton & Finger, PA)
- Defense
- Murphy, Thomas
- Represented By:
- Williams, Gregory (Richards, Layton & Finger, PA)
- Defense
- Lozano, Ignacio
- Represented By:
- Finkelstein, Jesse (Richards, Layton & Finger, PA)
- Defense
- Watson, Raymond
- Represented By:
- Schmidt, Lisa (Richards, Layton & Finger, PA)
- Defense
- Stern, Robert
- Represented By:
- Williams, Gregory (Richards, Layton & Finger, PA)
- Defense
- Disney Shareholders
- Defense
- Walt Disney Company
In Re Disney Shareholder Litigation
VERDICT
Trial
10/20/04 – 01/19/05
Summary
This Disney shareholder litigation involved a directors and officers liability claim asserted by Disney shareholders based on a $140M severance payment to former Disney President Michael Ovitz.
Witnesses testifying in the trial included Disney CEO Michael Eisner, as well as Roy E. Disney, Senator George Mitchell, actor Sidney Poitier, Sanford "Sandy" Litvack, Gary Wilson, Father Leo O'Donovan, Graef "Bud" Crystal, Richard Nunis, Stephen Bollenbach, Irwin Russell, Stanley Gold, Reveta Bowers, and Michael Ovitz, all of whom were Disney senior executives, board members, or advisors at the time of the severance payment.
The Court approved the severance.
Outcome
The court found that the director defendants had not breached their fiduciary duties or committed waste. Therefore judgment was in favor of the defendants as to all claims, the executive compensation and severance package.
- Plaintiff
- Defense
- Judge
- William Chandler
- Jurisdiction
- Delaware Court Of Chancery
- Court
- Court of Chancery Courthouse
- Case Number
- 15452
- Industry
- Finance
- Practice Area
- Securities
- Expert Witnesses
- Lay Witnesses
Sessions
Recording Disclaimer: This proceeding was recorded in parts only. Available recordings do not represent the full proceeding.