The Delaware Court of Chancery has dismissed a derivative suit accusing Investors Bancorp Inc. directors of giving themselves a “grossly excessive” compensation hike following the firm’s mutual-to-stock public offering.
The decision, published late Wednesday, upheld the directors’ stockholder ratification defense and applied the court’s deferential business judgment rule, finding that the pay package fell within the scope of a plan shareholders supported in a 2015 vote.
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