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Company Sued Over GC?s $10M Bonus

By Law.com

A $10 million bonus for Transmeta Corp.’s general counsel is “outrageous, illegal and unconscionable,” according to a lawsuit. The tiny chip licensing company agreed to give GC John O’Hara Horsley a large cut of a $250 million settlement reached with Intel in October. Riley Investment, an activist hedge fund that owns about 7 percent of the company and earlier this month made an offer to buy Transmeta, filed the derivative suit targeting Horsley and other Transmeta executives and board members.

Learn more about this bonus brouhaha over at Law.com.

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Full post as published by InhouseBlog - News and Jobs for Inhouse Counsel on February 12, 2008 (boomark / email).