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Mark Zuckerberg said Friday that Facebook is withdrawing plans to create a new class of stock that would have let him keep tight reins on the social media company even as he sold down his stake to fund his philanthropy.

Zuckerberg had said in April 2016 that the plan for the new shares would let him fund his philanthropy goals while keeping control of Facebook. But shareholders sued, arguing the move would give an unfair economic advantage to the company's founder.

A class-action trial on the matter was due to start next week in Delaware but was called off with Zuckerberg's announcement. He had been slated to testify during the trial.

The billionaire CEO said in a Facebook post that because the value of Facebook's stock has grown, he can fully fund the philanthropy while still keeping voting control of the company for "20 years or more," making the stock-reclassification plan unnecessary.

Zuckerberg and his wife, Priscilla Chan, have committed to donating 99 percent of their wealth in their lifetimes. They plan to accelerate their philanthropic work and sell more Facebook shares, sooner, he said Friday.

A lawyer representing Facebook shareholders in a lawsuit against the company deemed it a win for clients.

"We're thrilled that Facebook has dropped the reclassification," attorney Stuart Grant said in a statement. "Today's move is a total victory for stockholders."



Toys R Us, the pioneering big box toy retailer, has announced it has filed for Chapter 11 bankruptcy protection while continuing with normal business operations.

A statement by the Wayne, New Jersey-based company late Monday says it voluntarily is seeking relief in U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond - and that its Canadian subsidiary is seeking similar protection through a Canadian court.

Toys R Us says court-supervised proceedings will help restructure its outstanding debt and reorganize for long-term growth.

The company says separate operations outside the U.S. and Canada, including more than 250 licensed stores and a joint venture partnership in Asia, are not part of the filings.

It emphasizes that its approximately 1,600 locations will remain open, that it will continue to work with suppliers and sell merchandise.



A lawyer says an Egyptian court has ordered the detention of 24 Nubians for 15 days pending investigation for participating in a protest earlier this month. Nubians are an ethnic minority.

Moustafa el-Hassan says Wednesday's decision comes after prosecutors appealed an earlier decision to release them on bail. Their release, which was ordered on Tuesday, had not been finalized.

They were arrested after setting out on a march in the southern city of Aswan to demand their right to return to their ancestral land around the lake formed by the Aswan High Dam. Charges include illegal protest, receiving funds from foreign sources and blocking public roads.

Nubians trace their roots back to an ancient civilization on the Nile. They have been forcibly displaced four times in the last century.




A North Carolina appeals court says students and parents still fighting for sufficient school funding decades after they were guaranteed the right to a sound, basic education should make demands of the governor and legislators, not county officials.

A divided state Court of Appeals ruled Tuesday that schoolchildren can't sue Halifax County commissioners over funding for the county's segregated public school districts.

Lawyers say though substandard Halifax County Schools' buildings sometimes force students to walk through sewage to reach their lockers, they get less local tax dollars than the majority white Roanoke Rapids schools.

Judges split 2-1 in ruling that local families should take their problems to Raleigh. The dissenting judge said counties can be sued since the legislature assigned them responsibility for funding buildings and supplies.




Court rulings favorable to the state and the outcome of two executions in three months indicate Ohio could be on track to resume putting inmates to death regularly.

The state executed child killer Ronald Phillips in July and double killer Gary Otte on Wednesday in the state death chamber at the Southern Ohio Correctional Facility in Lucasville.

Witnesses said Phillips did not appear to be distressed. Otte’s chest rose and fell several times over two minutes in a fashion similar to some executions, though the movement appeared to go on longer than in the past.

Otte’s lawyers believe he suffered a phenomenon known as air hunger and plan to continue their challenge of Ohio’s use of a sedative called midazolam.

“My concerns were that he was obstructing, he was suffering air hunger, trying desperately to get air, and there were tears running down his face, which indicated to me that he was feeling pain or sensations,” federal public defender Carol Wright said after Wednesday’s execution.

Prisons spokeswoman JoEllen Smith said the procedure “was carried out in compliance with the execution policy and without complication.”

The next and last execution scheduled this year is Nov. 15, when the state plans to put Alva Campbell to death. A jury found Campbell, 69, guilty of killing 18-year-old Charles Dials 20 years ago after Campbell, who was in a wheelchair while feigning paralysis, escaped from a court hearing.

Ohio is scheduled to execute four people next year, including Cleveland R. Jackson, of Lima, and six in 2019. Nine men were executed in 2010, the most since Ohio resumed putting inmates to death in 1999.



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