The lawsuit was filed on Tuesday in Delaware
Loeb, an art collector who began building his stake in Sotheby's
this past summer, last month nominated three directors,
including himself, to the company's board.
Sotheby's adopted the poison pill, or shareholder rights plan,
in October after Loeb began turning up the heat on the company
by comparing it to an "old master painting in desperate need of
restoration" and urging that its chief executive be replaced.
On Tuesday, Sotheby's called the rights plan "an important tool
to ensure that all Sotheby's shareholders are treated fairly," a
spokeswoman said in a statement.
Last week, Third Point said the company had refused to amend the
terms of the rights plan to let the hedge fund boost its stake
up to 20 percent.
(Reporting by Svea Herbst-Bayliss; editing by Richard Valdmanis,
[© 2014 Thomson Reuters. All rights
Copyright 2014 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.