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Business Associations Keyed to Bainbridge
Marx v. Akers
Citation:666 N.E.2d 1034 (1996)
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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