Mass. high court rules ex-Astra CEO must forfeit nearly $7M in pay, reverses earlier decision
By APTuesday, October 6, 2009
Mass. court: Ex-Astra CEO must forfeit nearly $7M
BOSTON — Massachusetts’ highest court has ruled that the former CEO of pharmaceutical company Astra USA Inc. must forfeit nearly $7 million in compensation, reversing a decision by a lower court.
The Supreme Judicial Court in its ruling Monday cited New York’s “faithless servant” doctrine that allows the company to recover $5.6 million in salary and $1.2 million in bonuses paid to Lars Bildman between 1991 and 1996. He was fired for sexually harassing female employees and misusing company money.
Astra USA, which is now AstraZeneca PLC, was based in Westborough, Mass., but incorporated in New York.
Bildman told The Boston Globe he was disappointed in the decision and has no money for the company to collect. His telephone number is unlisted.
