IDOL SUES FOR $12.2M SEVERANCE PACKAGE.(John Idol; $12.2 million)(Brief Article)

Daily News Record, December, 2001 by Wilson, Eric

NEW YORK -- John Idol, the onetime CEO of Donna Karan, has filed suit to collect his $12.2 million severance package from his former employer.

Idol, who left the company in July with a mega-payout package, hasn't yet seen a dime, filed a breach of contract complaint this month in New York State Supreme Court against Donna Karan International and LVMH Moet Hennessy Louis Vuitton, which completed its acquisition of DKI last month. He's still looking to receive severance payments that were detailed in the companies' merger agreements filed with the Securities and Exchange Commission, primarily $6.3 million from DKI and $5.9 million from LVMH.

"We believe that the public record, as clearly set forth in the security filings of Donna Karan International...

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