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TLC Beatrice settles lawsuits
Jet, August 11, 1997
TLC Beatrice International Holdings Inc., the largest Black-owned company, recently announced that it has agreed to settle three legal disputes with its largest minority shareholder, Carlton Investments.
Carlton Investments has agreed to withdraw a lawsuit it filed against the company in 1994. The lawsuit contested a $22.1 million compensation package paid to TLC Beatrice's chairman and chief executive, Reginald F. Lewis, before his death in 1993.
Carlton also agreed to withdraw its appeal of a settlement of a derivative lawsuit.
TLC Beatrice agreed not to contest Carlton's application for fees in the derivative lawsuit and to drop an appeal pending before a federal appeals court in New York.
COPYRIGHT 1997 Johnson Publishing Co.
COPYRIGHT 2008 Gale, Cengage Learning
