The Shareholder Commons has filed an amicus brief in the challenge to the SEC’s rule restricting shareholder proposals. An excerpt: Plaintiffs are asking this Court to vacate and set aside the Amendments. Plaintiffs argue that the Commission failed to quantify the impact of the Amendments on the number of proposals that will be filed, otherwise…
Tag: litigation
CII Files Amicus Brief in Shareholder Proposal Rule Challenge
CII has filed a “friend of the court” brief in the challenge filed by Jim McRitchie and As You Sow to the SEC rule restricting shareholder proposals that was published in a flawed, rushed rulemaking in the last weeks of the Trump administration. Some highlights from the brief: In its haste to adopt these rule…
Agenda – ‘Board Publicly Lied’ — Case Against Directors Moves Forward
The Boeing board “publicly lied” about monitoring airplane safety following two deadly 737 Max crashes, according to court records. Directors also allegedly failed to assess airplane safety and fell short in demanding or expecting safety reports from management. Delaware Chancery Court Judge Morgan Zurn used these and other determinations to allow oversight claims against Boeing…
Exxon must face Massachusetts lawsuit alleging climate change deceit | Reuters
A Massachusetts state judge has rejected Exxon Mobil Corp’s (XOM.N) bid to dismiss a lawsuit by state Attorney General Maura Healey accusing the oil company of misleading consumers and investors about its role in climate change. In a decision released on Wednesday, Superior Court Justice Karen Green in Boston said Exxon failed to show that…
Federal Court Dismisses Derivative Complaint Seeking to Impose ESG Initiatives on a Public Company
In the past year, there has been a concerted effort by certain plaintiff firms to weaponize environmental, social, and governance (“ESG”) principles to attack corporate boards. On March 19, 2021, the United States District Court for the Northern District of California in Ocegueda v. Zuckerberg, Ca. No. 3:20-cv-04444-LB (N.D. Cal. Mar. 19, 2021), struck a blow against these efforts by…
Exxon Must Face Class-Action Suit Over Climate-Change Accounting – Bloomberg
Bloomberg reports: Exxon Mobil Corp. must face a lawsuit by investors who blamed a drop in the company’s shares on the disclosure that regulators were scrutinizing its reserve accounting related to climate change. U.S. District Judge Ed Kinkeade on Tuesday denied Exxon’s bid to dismiss the suit. Kinkeade wrote that the Greater Pennsylvania Carpenters Pension…
Will Shareholder Lawsuit Trigger Theranos To Return Capital To Shareholders?
VEA Vice Chair Nell Minow is quoted in a Forbes story about a lawsuit against Theranos. “I’d have to read the complaint to be certain, but most likely the plaintiff will have to prove that company managers did not disclose risks they knew or should have known. They will ask for company records to show…
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