Netflix Exec Bonuses Were a Sham to Capitalize on Tax Deductions, Shareholder Lawsuit Says

In a lawsuit filed by a Netflix shareholder, Netflix’s board of directors have been accused of giving top managers undeserved bonuses in order to capitalize on federal tax deductions.

The lawsuit, brought by the City of Birmingham Relief and Retirement System against board members including CEO Reed Hastings and CFO David Wells, claims bonuses were paid to managers under the pretense of rewarding good performance, but benchmarks were low enough to essentially make them a guarantee.

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