The Associated Press
02-25-2008
Two Detroit pension funds have sued Yahoo and its board of directors, saying they breached their duties to shareholders in trying to thwart a takeover by Microsoft. The lawsuit was recently filed in Delaware Chancery Court by lawyers representing Detroit’s police and fire retirement system and general retirement system, as well as “all other similarly situated public shareholders.” The suit charges that Yahoo’s board is pursuing “value-destructive” third-party deals in an effort to fight off Microsoft.
