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A Suffolk Superior Court judge is allowing Market Basket to proceed with a $300 million distribution to shareholders over the objections of the supermarket chain’s embattled president.
The ruling is a significant setback for Arthur T. Demoulas, who has been locked in long-running legal fight with family members over the management of the Massachusetts-based chain. All nine of its shareholders are members of the Demoulas family.
Judge Judith Fabricant denied a motion by Arthur T. Demoulas that sought to halt a $300 million distribution to shareholders that had been authorized by Market Basket’s board of directors. The majority of the board was selected by allies of Demoulas’s first cousin and longtime nemesis, Arthur S. Demoulas.