"But in a counterclaim filed Wednesday in Delaware, Demoulas alleges the board members improperly colluded with his sisters, who control about 61% of the company compared to Arthur T.'s 28%. He's specifically accused the board of taking orders from his sisters, "who seek to line their own pockets," get a leg up in intrafamily disputes, and "strike at Mr. Demoulas over petty family jealousies," according to the filing."
"Demoulas's counterclaim comes after the board filed a complaint in Delaware - where Market Basket's holding company is incorporated - to make his removal official. The strongly worded complaint alleged Demoulas "acknowledged no one's authority but his own" and "had a long-standing history of exercising his own unfettered discretion as to virtually every important decision at the Company-while ignoring and stonewalling the Market Basket Board.""
Arthur T. Demoulas filed a counterclaim in Delaware challenging his Sept. 9 removal as Market Basket president and CEO and seeking reinstatement. The counterclaim alleges board members improperly colluded with his sisters, who control about 61% of the company compared with his 28%, and accuses the board of taking orders from them to enrich themselves and to settle intrafamily disputes. The board previously filed a complaint asserting Demoulas "acknowledged no one's authority but his own" and bypassed the board on major decisions. Market Basket placed Demoulas on paid leave in May during an investigation into a purported retaliatory work stoppage. Demoulas's lawyers called the accusations defamatory and said his firing resulted from a process "riddled with conflicts, trickery, deceit, and pervasive breaches of fiduciary duties."
Read at Boston.com
Unable to calculate read time
Collection
[
|
...
]