Consulting Contracts

Chicago, IL: (Jan-18-08) A shareholders lawsuit was brought against certain current and former directors of US meat company Tyson Foods Inc., alleging that there was a breach of duties in connection with consulting contracts for Don Tyson in 2001 and 2004. Sources close to the case claimed that as part of a settlement reached, former senior chairman Don Tyson and the Tyson Limited Partnership, the company's largest shareholder, agreed to pay the company $4.5 million. The payout will dismiss all claims against the defendants. Under the deal, the company agreed to implement or continue certain governance measures, which include the establishment of a nominating committee, appointment of a new independent director, and limitations on new transactions between the company and Tyson Limited Partnership, Don Tyson, members of his family, or executive officers. [REUTERS: CONSULTING CONTRACTS]

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Published on Jan-21-08