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Lawyers appeal decision in Ovitz case - AP, 9/8/05

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  • Lawyers appeal decision in Ovitz case - AP, 9/8/05

    Attorneys representing stockholders of the Walt Disney Co. are appealing a Delaware judge's ruling that Disney board members did not violate their duties or waste company resources in the hiring and firing of former Hollywood superagent Michael Ovitz.

    Chancellor William Chandler III ruled last month that the Disney board did not breach its fiscal responsibilities by agreeing to hire Ovitz as president in 1995, then granting him a $140 million severance just 14 months later.

    Attorneys with the New York-based law firm of Milberg Weiss Bershad & Schulman filed a notice of appeal this week with the Delaware Supreme Court, following through with statements they made when Chandler released his 175-page Chancery Court decision.

    The Supreme Court has not established a briefing schedule in the case.
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