Sullivan v. Hammer

Occidental Petroleum (defendant) announced it would fund millions of dollars to the Armand Hammer Museum and Foundation, both tied to Occidental's founder and chairman, Dr. Armand Hammer. Stockholders (plaintiffs) brought class and derivative claims alleging the funding was a corporate waste and gift, and that Hammer breached his duty of loyalty by directing Occidental's funds toward his own personal legacy; the parties submitted a proposed settlement agreement for court approval.