Shareholder sues Sirius XM

The City of Miami Police Relief and Pension Fund has filed suit in Delaware Chancery Court against the board of directors of the satellite provider for failing to prevent a takeover by Liberty Media. According to the suit, the Liberty loyalists on the Sirius XM board—including Liberty CEO John Malone—are keeping other board members from “adopting effective anti-takeover provisions even if doing so would be in the best interests of shareholders.” However, the Court has already ruled against one provision in the lawsuit, and legal experts agree that the suit is without merit.