Rayonier resolves derivative action claiming breach of fiduciary duties arising from failure to harvest sustainably
Clients Rayonier Inc.
Jones Day client Rayonier Inc. resolved a shareholder derivative action in which plaintiffs alleged that former officers and directors of Rayonier, a publicly-traded timber real estate investment trust, breached their fiduciary duties by overharvesting Rayonier’s Pacific Northwest timberlands, misrepresenting the sustainability of its timber harvesting practices, and overstating its merchantable timber inventory. The parties filed a stipulation of settlement and are awaiting a fairness hearing before the court.
Molloy v. Boynton, et al., No. 3:17-cv-01157-TJC-MCR (M.D. Fla.)