A lawyer representing Walt Disney Co. shareholders on Wednesday asked Delaware’s high court to reverse a ruling that found the company’s directors did not breach their duty when awarding former President Michael Ovitz a $130 million severance package.
Steven Schulman, a New York attorney with the firm of Milberg Weiss Bershad & Schulman, argued before the five justices of the Delaware Supreme Court that the rule used to show the Disney directors acted in good faith had been wrongly interpreted. But Gregory Williams, a lawyer representing the defendants, told the court that the board acted properly.
