Simmons Sues Lockheed: Fulfilling a threat he...
From Times Staff and Wire Reports
Simmons Sues Lockheed: Fulfilling a threat he made Monday, Texas investor Harold C. Simmons filed a lawsuit in U.S. District Court in Los Angeles alleging that Lockheed’s recent corporate election was illegal and unfair. Simmons, who lost his proxy fight for control of Lockheed, claims that shares from a Lockheed employee stock ownership plan were illegally and improperly used to ensure victory by the company’s incumbent slate of directors over Simmons’ rival slate. “This action seeks to restore integrity to the recent election of Lockheed’s board of directors and to ensure integrity in future elections,” Simmons said in his lawsuit. The suit was filed on behalf of Houston-based NL Industries, which Simmons controls.
