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Pension Funds Sue Yahoo over Microsoft Offer
SAN FRANCISCO - Two Detroit pension funds are suing Yahoo!(YHOO Quote), accusing the company of breaching its fiduciary duty by trying to squash a deal with Microsoft(MSFT Quote).
The suit was filed in Delaware Chancery Court on Thursday by lawyers representing Detroit's police and fire department retirement system as well as the city's general retirement system.
"Rather than consider Microsoft's offer in good faith, Yahoo's board has taken various steps to defend against Microsoft, destroying or threatening to destroy shareholder value in the process," the suit claims. ...
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