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FURTHER RULING IN JEFFERSON-PILOT CASE DECLARES COMPANY'S 1990 PROXY NULL AND VOID AS RELATES TO STOCK AWARDS

 FURTHER RULING IN JEFFERSON-PILOT CASE DECLARES COMPANY'S
 1990 PROXY NULL AND VOID AS RELATES TO STOCK AWARDS
 GREENSBORO, N.C., April 10 /PRNewswire/ -- Federal Chief Judge Richard Erwin in a further ruling today on the Jefferson-Pilot proxy fraud case brought by Louise Price Parsons declared all proxies cast in favor of a 1990 amendment to a Jefferson-Pilot stock option plan null and void.
 The ruling in the Federal District Court for the Middle District of North Carolina also rescinds over 200,000 shares of stock awarded to certain officers and directors of the company in 1990 and 1991, including 100,000 shares with a current value of over $5 million granted to Roger Soles, JP's chairman and CEO. The judge had previously enjoined the recipients from voting or disposing of the stock.
 "I am happy that these ill-gotten gains have been taken away from the officers and directors of Jefferson-Pilot," said Ms. Parsons. "By rescinding the awards, this ruling should completely derail management's attempt retroactively to ratify the grants in its proxy that is now before shareholders."
 Chief Judge Erwin's opinion noted that "the entire proxy statement may have been misleading." An attorney for Ms. Parsons stated, "We have not yet put before Judge Erwin the issue of whether the election of directors should also be set aside."
 -0- 4/10/92
 /CONTACT: Peter Rosenthal or David Sternstein of Howard J. Rubenstein Associates, 212-489-6900, for Jefferson-Pilot Shareholders Committee; or Buck Lawrimore of Lawrimore Communications, 704-525-4775/
 (JP) CO: Jefferson-Pilot Shareholders Committee; Jefferson-Pilot Corporation ST: North Carolina IN: INS SU:


KD-GK -- NY068 -- 7442 04/10/92 18:15 EDT
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Publication:PR Newswire
Date:Apr 10, 1992
Words:267
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