Friday, May 20, 2011

Another lawsuit for Mel

From this morning's Tom Taylor column at

"Sirius XM, which just settled one shareholder suit for $13 million, faces a new one. This one, filed by Robert Michael Shenk, actually wants CEO Mel Karmazin terminated, and an end to alleged “breaches of fiduciary duties, gross mismanagement, waste of corporate assets, and unjust enrichment.” Shenk claims that all occurred between February 2007 and the present, and he seeks reform of corporate governance, including a stronger voice on the board for shareholders. Shenk's suit, filed in the federal court in the southern district of New York, specifically names Karmazin and other officers of Sirius XM, plus the company itself."

My favorite part of the claim? The phrase "unjust enrichment." That really says it all.

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