DEFENSE

Shareholder Files Suit Against Teledyne: A shareholder suit accused Teledyne’s board of directors and top executives of engaging in a “course of illegal conduct” that has resulted in a a number of federal investigations. A 60-page complaint filed last week in U.S. District Court in Los Angeles details a laundry list of alleged Teledyne misdeeds. Earlier this month, the firm pleaded guilty to charges that it had falsified testing on electronic relay devices and agreed to pay a $17-million fine. The derivative suit was filed by Eugene J. Bass, a shareholder since the mid-1960s. In a derivative suit, a shareholder sues officers and directors, who are typically insured against such suits, on behalf of shareholders. Any awards from insurers are paid to the corporation.