Columbia Financial Inc.'s board has agreed to settle shareholder litigation in Delaware by holding a series of investor votes to retroactively authorize bonuses worth $13 million related to the bank’s transformation in 2018 from a mutual holding company into a publicly traded corporation.
If approved by Vice Chancellor Sam Glasscock III, the noncash settlement—disclosed late Monday in Delaware Chancery Court—would resolve the challenge to a $7 million bonus for the company’s CEO and the $885,000 paid to each of its seven non-employee directors following its conversion.
The derivative lawsuit, filed in 2020, referred to the bonuses as “gross and calculated ...
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