Cablevision Judge Weighs Challenge to Executive Pay Plans
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Cablevision Systems Corp. directors were accused by an investor of wrongfully allowing Chairman Charles Dolan and his relatives to collect more than $100 million in excessive salaries and bonuses as a judge decides whether to throw out the lawsuit.
Cablevision’s board, which includes Dolan’s three daughters, rubber-stamped executive compensation plans that provided lavish pay and bonuses for him and family members serving as company executives while the media firm suffered losses, Steven Purcell, an attorney for shareholder Gary Livingston, told Delaware Chancery Court Judge John Noble at a hearing on Friday in Dover.