A $300 million payout to Market Basket shareholders is currently on hold, while a Suffolk Superior Court judge reviews a lawsuit filed by CEO Arthur T. Demoulas seeking to block the payout and void several recent board decisions, according to a report from the Lowell Sun.
In addition to blocking the payout, the lawsuit seeks to unseat independent director Keith Cowan, alleging he has not been acting independently, but under the instruction of director and cousin of Arthur T., Arthur S. Demoulas, according to the Sun.
An attorney for Cowan argued the director, a former executive for Sprint, had no ties to Market Basket or the Demoulas family prior to becoming a director and had been acting independent as a director, according to the Sun.
Attorneys for Arthur T. argued that the vote on the $300 million payout and other board votes in which Cowan voted in the majority, including a decision to hire an executive search firm to potentially replace the CEO, be voided, according to the Sun.
Wilmington has a Market Basket at 260 Main Street.