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"Old Viacom" Shareholder Suit Can Proceed
June 30, 2006 at 8:44 AM (PT)
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A shareholder suit against VIACOM over overpayments to Chairman SUMNER REDSTONE and co-Pres./CEOs TOM FRESTON and LES MOONVES in 2004 will be allowed to proceed.
The suit claims that "old VIACOM" (pre-breakup into VIACOM and CBS CORP.) paid the three executives excessive compensation while the company sustained record losses; the company had moved to dismiss the complaint, but NEW YORK State Supreme Court Judge CHARLES RAMOS threw out the motion and will allow the case to move forward.

