Ovitz Seeks to Dismiss Disney Investors’ Suit
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Former Walt Disney Co. President Michael Ovitz asked a judge to dismiss investor claims that his $140-million severance package was a waste of the media company’s assets.
Ovitz asked the judge to throw out the shareholders’ lawsuit because, he argues, investors can’t prove that the former talent agent violated any legal obligations by accepting the compensation and severance packages offered by Disney Chief Executive Michael Eisner and approved by the company’s board. Ovitz stepped down as Disney’s second in command in December 1996 after 15 months on the job.
Lawyers for shareholders seeking to recoup Ovitz’s severance weren’t immediately available for comment.
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