Klein Tools heir sues in Chancery after row and board purge

By Jeff Montgomery (February 24, 2022, 4:47 PM EST) – A fifth-generation descendant of the 165-year-old founder of Klein Tools Inc. has filed a lawsuit in Delaware Chancery Court to overturn a takeover of allegedly divisive insider that led to his ousting as director and his son as co-chairman, as well as a series of alleged violations of bylaws, vote-by-share and stock sales.

Among those named in the lawsuit filed by Mathias A. Klein III on Wednesday was Thomas R. Klein Sr., a fifth-generation leader on the other side of a divisive “dual-leg” management and shareholding structure control of the voting trust between the founder’s two sons and ultimately their offspring, as well as…

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