Business & Tech

Market Basket $300 Million Shareholder Payout Approved

CEO Arthur T. Demoulas had filed a lawsuit in attempt to block the payout.


A Suffolk Superior Court judge allowed a $300 million shareholder payout by Market Basket, despite attempts by the company's CEO to block the payout, according to a report from WCVB.

Market Basket CEO Arthur T. Demoulas had filed a lawsuit to block the payout and unseat independent director Keith Cowan, alleging he has not been acting independently, but under the instruction of director Arthur S. Demoulas. 

According to WCVB, all nine shareholders are members of the Demoulas family.

Arthur T. attempted to block the payout because he felt it would be harmful to the company, according to WCVB. 

Danvers has a Market Basket at Endicott Plaza.

Read the full story from WCVB.


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