Court Upholds Ovitz' $130M Severance - Broadcasting & Cable

Court Upholds Ovitz' $130M Severance

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The Delaware Supreme Court has said Michael Ovitz gets to keep the $130 million.

The court Thursday upheld a lower court decision that Disney's 1996 severance payment to its ousted Disney president was not a breach of fiduciary duties or a waste of assets by Ovitz and Disney directors including Michael Eisner, Roy Disney and George Mitchell.

Shareholders had sued after Ovitz donned that platinum parachute after only 14 months at the company, months marked by tension between Ovitz and Eisner.

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