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Business Associations Keyed to Bainbridge
Marx v. Akers
Citation:666 N.E.2d 1034 (1996)
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- Topic: Identifies the topic of law and where this case fits within your course outline.
- Parties: Identifies the cast of characters involved in the case.
- Procedural Posture & History: Shares the case history with how lower courts have ruled on the matter.
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- Facts: What are the factual circumstances that gave rise to the civil or criminal case? What is the relationship of the Parties that are involved in the case. Review the Facts of this case here:
Plaintiff commenced this shareholder derivative action against International Business Machines Corporation (IBM) and IBM’s board of directors without first demanding that the board initiate a lawsuit. The amended complaint alleges that the board wasted corporate assets by awarding excessive compensation to IBM’s executives and outside directors. The complaint alleges that during a period of declining profitability at IBM the director defendants engaged in self-dealing by awarding excessive compensation to the 15 outside directors on the 18-member board. The complaint also alleges that the director defendants violated their fiduciary duties to IBM by voting for unreasonably high compensation for IBM executives.
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