Judge Rejects Some Claims Against Lockheed: U.S....
Judge Rejects Some Claims Against Lockheed: U.S. District Judge Robert M. Takasugi rejected a lawsuit’s contentions that Lockheed Corp. improperly created an employee stock ownership plan. The suit was filed in April, 1990, by Houston-based NL Industries--a chemical company controlled by Texas investor Harold C. Simmons--as part of a legal effort to overturn the results of a 1990 proxy contest between Lockheed’s incumbent directors and a rival slate backed by NL. Lockheed shareholders voted to retain the incumbent board, but NL contended that some employee shares were improperly voted. The court ruling leaves some of Simmons’ legal challenges in place and allows NL to amend the suit.
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