Saxena White prosecuted a derivative action on behalf of nominal defendant Clear Channel Outdoor Holdings against certain of the Company’s senior executives and directors. The derivative action brought forth claims that Outdoor’s senior executives and directors breached their fiduciary duties by approving a $1 billion unsecured loan on highly unfavorable terms to the Company’s parent corporation, Clear Channel Communications, Inc. After several months of working with a Special Litigation Committee of the Company’s Board, the parties agreed to a resolution of the action that provided meaningful benefits to the Company and its shareholders, including an agreement that would provide a dividend to shareholders in the amount of $200,000,000, as well as additional corporate governance reforms.
