08:22 AM EDT, 04/02/2024 (MT Newswires) -- (Updates with a statement from CalPERS in the fourth paragraph.)

Disney ( DIS ) activist investor Blackwells Capital said it is suing the entertainment giant for potential disclosure violations regarding its dealings with hedge fund ValueAct Capital.

"Shareholders are entitled to full disclosure about the ValueAct relationship including, among other things, all fees by to it by Disney ( DIS ) in the 10-year period leading up to ValueAct's endorsement of the board," Blackwells told MT Newswires in a statement.

Reuters reported Thursday that Disney ( DIS ) called the claims "baseless" and said the lawsuit is a "desperate attempt to gain attention" for Blackwells' two candidates for company's board. Disney ( DIS ) did not immediately respond to MT Newswires' request for comment.

Separately, the California Public Employees Retirement System said that it voted for the two candidates of Trian Fund Management in the ongoing proxy battle. "CalPERS believes Walt Disney ( DIS ) will benefit from fresh eyes on its board of directors and voted its company shares in favor of candidates Nelson Peltz and Jay Rasulo," the pension fund told MT Newswires in a statement.

Dana Walden, co-chair of Disney Entertainment, is in the running to be the company's next chief executive and appears to be the favorite candidate within senior management, CNBC reported Monday, citing senior executives. Walden would be Disney's ( DIS ) first female CEO if she lands the role.

Disney ( DIS ) did not immediately respond to MT Newswires' requests for comment regarding the reported CalPERS vote and Walden's CEO bid.

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