May a Shareholder Who Objects to a Proposed Settlement of a Derivative Action Appeal an Adverse Decision? A Report on California Public Employees' Retirement System V. Felzen
26 Pages Posted: 14 Feb 2001
In 1996, agricultural products giant Archer Daniels Midland (ADM) pleaded guilty to criminal antitrust charges and received a $100 million fine, at that time one of the largest fines ever imposed. The corporation also paid $90,000,000 to settle civil antitrust suits by its competitors. Three executives, including Michael Andreas (the vice-president and son of ADM's autocratic chief executive officer), were ultimately convicted of illegal price fixing.
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