Sketchers Settles Lawsuit By Canceling Stock Awards

A Delaware shareholder derivative suit against Sketchers is being settled as the company agrees to cancel $20 million in equity awards issued to founder Robert Greenberg and two top officers in 2019 and 2020.

The lawsuit alleged breaches of fiduciary duty, unjust enrichment, and corporate waste for these and other awards as well. The shareholders claimed that it was wrong to provide compensation to “attract, incentivize and retain family member/founders. The suit was filed by the Police Fire & Retirement System of the City of Detroit.

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