Disgruntled former Walt Disney Company directors, Roy Disney and Stanley Gold (Savedisney.com) have, according to their press release, filed a fraud suit against the entertainment juggernaut regarding the company's search for a new CEO.

Details from The Jurist:

Former Disney directors sue Disney board for fraud in CEO search

May 09, 2005
by Jamie Cortazzo

Former Walt Disney Company directors Roy Disney and Stanley Gold filed suit against current Disney directors including former Disney CEO Michael Eisner Monday for fraud and breach of duty in connection with the public disclosure of information concerning the election of a new CEO for the entertainment giant while searching for Eisner's replacement after his announced retirement. Disney and Gold had previously announced that as shareholders they would withhold their votes on a new CEO until the "Disney Board adequately addressed the issues that resulted in the unprecedented vote of "No Confidence" at last year's annual meeting." The current suit alleges that the Disney Board disclosed false information about the CEO search to convince Disney shareholders to vote for the incumbent Board, while ignoring an alternate slate of directors introduced by Disney and Gold. The suit, filed in the Delaware Court of Chancery, asks that the 2005 Board elections be declared null and void and that new elections be held....

For the original post, which is fairly peppered with links to key documents, press releases, etc., click here.

-- MDT