May a Shareholder Who Objects to a Proposed Settlement of a Derivative Action Appeal an Adverse Decision? A Report on California Public Employees' Retirement System V. Felzen

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As published in Delaware Journal of Corporate Law, Volume 25, No. 2, Pp. 235-260, 2000

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Roslyn Falk
paper description
In 1996, agricultural products giant Archer Daniels Midland (ADM) pleaded guilty to criminal antitrust charges and received a $100 million fine, at that time one of the largest fines ever imposed. The corporation also paid $90,000,000 to settle civil antitrust suits by its competitors. Three executives, including Michael Andreas (the vice-president and son of ADM's autocratic chief executive officer), were ultimately convicted of illegal price fixing.