A Phillips Petroleum shareholder sued the firm.
New York investor Albert I. Edelman charged that executives of Phillips were seeking solely to retain their control of the company and were not acting in the shareholders’ interest when they reached a settlement with Texas oilman T. Boone Pickens in his bid to take over the company. The class-action suit maintains that the firm’s shareholders would have been better off if management had agreed to Pickens’ $60-a-share bid for the company.
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