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Article: Carlton Investments to End All Litigation Against TLC Beatrice; Agrees to Withdraw New York Lawsuit and Appeal of Delaware Settlement.
- Article from:
- Business Wire
- Article date:
- July 24, 1997
CopyrightCOPYRIGHT 1997 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK--(BUSINESS WIRE)--July 24, 1997--TLC Beatrice International Holdings, Inc. today announced that Carlton Investments, a partnership composed of former Drexel Burnham Lambert, Inc. executives that is the company's largest minority shareholder, has agreed as part of an overall settlement to withdraw the lawsuit it filed against the company in New York Supreme Court in 1994. The lawsuit had contested a $22.1 million compensation package paid to TLC Beatrice's late Chairman and CEO Reginald F. Lewis before his death in 1993 for five years service.
Carlton also agreed to withdraw its appeal of the settlement approved last month by the Delaware Court of ...