In Re Disney Shareholder Litigation

VERDICT

Trial
10/20/04 – 01/19/05

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Play button overlay 45f08f27c7337d189e8c31e635b5d0a0781b273131135cd77ee8b6f12366e7a2

Summary

This Disney shareholder litigation involved a directors and officers liability claim asserted by Disney shareholders based on a $140M severance payment to former Disney President Michael Ovitz.

Witnesses testifying in the trial included Disney CEO Michael Eisner, as well as Roy E. Disney, Senator George Mitchell, actor Sidney Poitier, Sanford "Sandy" Litvack, Gary Wilson, Father Leo O'Donovan, Graef "Bud" Crystal, Richard Nunis, Stephen Bollenbach, Irwin Russell, Stanley Gold, Reveta Bowers, and Michael Ovitz, all of whom were Disney senior executives, board members, or advisors at the time of the severance payment.

The Court approved the severance.

Outcome

The court found that the director defendants had not breached their fiduciary duties or committed waste. Therefore judgment was in favor of the defendants as to all claims, the executive compensation and severance package.

Case Information
Attorneys
Witnesses
Defense
Eisner, Michael
Defense
Ovitz, Michael
Defense
Russell, Irwin
Defense
Gold, Stanley
Defense
Disney, Roy
Defense
Bollenbach , Stephen
Defense
Mitchell, George
Defense
Nunis, Richard
Defense
Bowers, Reveta
Defense
Litvack, Sanford
Defense
O'Donovan, Leo
Defense
Wilson, Gary
Defense
Poitier, Sidney
Defense
Murphy, Thomas
Defense
Lozano, Ignacio
Defense
Watson, Raymond
Defense
Stern, Robert
Defense
Disney Shareholders
Defense
Walt Disney Company
Expert Witnesses
    Lay Witnesses

      Sessions

      Recording Disclaimer: This proceeding was recorded in parts only. Available recordings do not represent the full proceeding.

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