Delaware’s Supreme Court has upheld the dismissal of a shareholder lawsuit challenging Viacom Inc.’s payment of more than $13 million in compensation to company founder and former chairman Sumner Redstone.
The court on Friday affirmed a judge’s dismissal of a suit alleging that Viacom’s directors approved payments to Redstone from 2014 to 2016 when the ailing billionaire media mogul was incapacitated and incapable of doing his job.
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The judge said the claims were released as part of a 2016 settlement resolving three other lawsuits involving control of Viacom and the composition of its board.
The same judge is currently presiding over a CBS Corp. lawsuit against National Amusements Inc., which is the controlling shareholder of both CBS and Viacom and has been pressing for a merger of the two companies.
