Two U.S. pension funds have sued Yahoo Inc. and its board of directors, saying they breached their duties to shareholders in trying to thwart a takeover by Microsoft Corp. The lawsuit was filed in Delaware Chancery Court on Thursday by lawyers representing Detroit’s police and fire retirement system and general retirement system, as well as “all…
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DOVER, Del. - Two Detroit pension funds have sued Yahoo Inc. and its board of directors, saying they breached their duties to shareholders in trying to thwart a takeover by Microsoft …

Board members concluded the unsolicited $44.6 billion offer massively undervalues the Web pioneer, a person familiar with the situation told the newspaper.
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