Yahoo rejected $40 Microsoft bid in 2007, refused good faith negotiations: suit

The board was also accused of not being independent "as a result of their compensation from Yahoo, their affiliation with institutions with ties to yahoo and/or Defendant Yang, and other factors."

Among the requests for relief, plaintiffs asked that the suit be classified as class action. They also asked that the court order defendants to avoid agreements that inhibit their ability to maximize shareholder value, or defensive measures that preclude a takeover. They also seek invalidation or redemption of the employee severance plan as well as court costs.

The case is Police and Fire Retirement System of the City of Detroit v. Yahoo, CA3561, Delaware Chancery Court (Wilmington.)