Stockholder Group Drops Suit Against Metro C.E.O.

MONTREAL -- The Regroupement des Marchands Actionnaires, Inc., a group of stockholders in Metro here, said this week it has discontinued its legal proceedings against Pierre H. Lessard, the retailer’s president and c.e.o., in relation to his compensation.

The suit, instituted in January 2003, had also called for Lessard’s dismissal.

“Both parties agree that it is in their best interest as well as in Metro's interest to discontinue these proceedings against Mr. Lessard and to move on to other matters,” said a joint statement from the shareholders and Lessard.

The group intends to continue proceedings against Metro on the conversion of certain multivoting Class B shares into Class A subordinate shares, however. Metro responded that it would continue to contest that suit.

Metro operates a network of almost 600 food stores under the Metro, Metro Plus, Super C, A&P, Dominion, Loeb, and Food Basics banners in the Canadian provinces of Quebec and Ontario, as well as over 250 pharmacies under the Brunet, Clini Plus, Pharmacy and Drug Basics banners.
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