Changes made to a compensation plan for Simon Property Group Inc.’s CEO, David Simon, allegedly made to avoid further litigation in the Delaware Court of Chancery, has generated lawsuits by two pension funds claiming the new compensation structure also wastes corporate funds.
The Delaware County Employees’ Retirement Fund and City of Sterling Heights General Employees’ Retirement System filed a lawsuit claiming the compensation plan’s revisions were only a ploy “to avoid personal liability for themselves and their fellow directors arising out of the original award and to ensure [David] Simon got his money.”
