A suit against former Safeco Chairman Mike McGavick, accusing him of improperly taking a $28 million severance package, is political, said Mr. McGavick, who is now a U.S. Senate candidate.
The stockholders action was filed yesterday by the great-great-granddaughter of a Safeco founder and was immediately labeled a "politically motivated character attack" by the former boss of the Seattle-based insurer.
Emma Schwartzman, 27, filed the suit in U.S. District Court in Seattle, claiming that when Mr. McGavick was given a $28 million severance package by Safeco, on his resignation last year, it violated federal securities laws because of its size and lack of transparency.
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