McGavick sued over Safeco payout

[spindrifter]

By NEIL MODIE
P-I REPORTER

A prominent Seattle lawyer and a scion of a prominent Seattle family are suing a prominent politician -- U.S. Senate candidate Mike McGavick -- over his lucrative retirement package from a prominent Seattle company, Safeco.

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The complaint said Safeco paid the candidate $28.4 million in early 2006 in an illegal "waste of corporate assets" after he resigned to run against Democratic Sen. Maria Cantwell. It said, "McGavick thus looted Safeco on his way out the door, breaching his fiduciary duties to Safeco and its shareholders."

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The state Democratic Party filed a complaint with the Federal Election Commission in April, alleging that the compensation package, coming after McGavick became a candidate, constituted an illegal corporate campaign contribution from Safeco.

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In arguing that the suit wasn't politically motivated, attorney Lowney noted that two of the 10 Safeco directors named as defendants with McGavick are prominent Democrats: former Gov. Gary Locke and Judith Runstad, a Seattle business and civic leader.

http://seattlepi.nwsource.com/local/279742_mcgavick02.html