DISNEY DOWNPLAYS SHAREHOLDER LAWSUIT.Byline: E. Scott Reckard Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. Walt Disney Noun 1. Walt Disney - United States film maker who pioneered animated cartoons and created such characters as Mickey Mouse and Donald Duck; founded Disneyland (1901-1966) Disney, Walter Elias Disney Co. described as ``trivial'' a lawsuit challenging the huge severance payout to former company President Michael Ovitz Michael S. Ovitz (b. December 14 1946, Los Angeles, California) is a former talent agent and Hollywood powerhouse who served as the head of the Creative Artists Agency from 1975 to 1995. and vowed Monday to vigorously defend itself. The suit, filed Friday on behalf of Disney shareholders, claimed that Ovitz's 14-month tenure as Disney president was ``undistinguished un·dis·tin·guished adj. 1. a. Marked by no peculiar quality; not distinguished; ordinary: an undistinguished appearance. b. and unproductive.'' It contends that Disney should have renegotiated no-fault provisions in Ovitz's contract, which handed him a cash and stock package worth ``$130 million or more.'' Ovitz, a former talent agent, initially had agreed to leave Disney at the end of this month. However, Ovitz ended his work for Disney early, officially terminating their relationship Dec. 27, when he received his severance payment, the company said. |
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