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Article: Dillard family, board sued by shareholder.(RETAIL)
- Article from:
- Arkansas Business
- Article date:
- June 1, 2009
- Author:
CopyrightCOPYRIGHT 2009 Journal Publishing, Inc. 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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A Dillard's Inc. shareholder has filed a lawsuit against the Dillard family and the company's board members charging that they breached their fiduciary duties and wasted the company's assets.
The shareholder, Steven Harben of Georgia, has accused the members of the Dillard family of using the Little Rock department store chain as "if it were a private company," according to the shareholder derivative lawsuit filed in U.S. District Court in Little Rock last week. Harben is representing the interest of Dillard's Inc., and any money recovered in the lawsuit will go to the company.
As holders of the Class B stock, the Dillard family gets to elect eight of ...