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Tue Jan 24, 2012, 02:25 PM

Suit claims J.C. Penney directors defrauded company w/$30.7 Mil comp package to CEO

Everett Ozenne v. Myron Ullman III; Michael Theilmann; Thomas Nealon

J.C. Penney directors defrauded the company by excessively compensating executive officers, including a $30.7 million compensastion package to outgoing CEO Myron Ullman in August 2011, a shareholder claims.

http://www.courthousenews.com/2012/01/24/43294.htm

Full complaint is here (PDF):

http://www.courthousenews.com/2012/01/24/penney.pdf

Screen cap of two items from PDF:



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Reply Suit claims J.C. Penney directors defrauded company w/$30.7 Mil comp package to CEO (Original post)
The Straight Story Jan 2012 OP
valerief Jan 2012 #1
ProgressiveProfessor Jan 2012 #3
WI_DEM Jan 2012 #2
onethatcares Jan 2012 #4

Response to The Straight Story (Original post)

Tue Jan 24, 2012, 02:28 PM

1. Whoa, you mean these corporate CEO thieves are going to be held accountable? Amazing!!! nt

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Response to valerief (Reply #1)

Tue Jan 24, 2012, 02:38 PM

3. This appears to be the board, not the out going CEO

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Response to The Straight Story (Original post)

Tue Jan 24, 2012, 02:30 PM

2. and yet they pay their employees peanuts with lousy health insurance.

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Response to The Straight Story (Original post)

Tue Jan 24, 2012, 03:08 PM

4. they ran Jack Eckerd Corporation into the ground

taking a locally owned company and cutting it into pieces. My wife worked for JE and was 7 years away from retirement when they kicked it to the curb.

She always said it was a mormon run company where the buddies took care of themselves.

I haven't purchased anything from them since then and don't ever plan to.

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