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…

McKesson Board Can’t Dodge Opioid Shipment `Red Flags’ Suit – Bloomberg

Some McKesson Corp. directors must face an investor lawsuit accusing them of failing to honor promises to ensure internal systems for spotting suspicious opioid shipments functioned properly. Two shareholders of the San Francisco-based company can press claims the distributor’s board was asleep at the switch when it came to overseeing such shipments after a 2008…

SEC Jay Clayton on forced arbitration clauses in IPOs

In a comprehensive letter to Congresswoman Carolyn Maloney (D-NY) obtained by Yahoo Finance, SEC Chair Jay Clayton gave shareholder advocates causes for both relief and concern about whether the agency will make it harder for investors to sue public companies. Clayton clarified how the agency would handle whether corporations would be allowed to IPO with…

State Courts Can Adjudicate Class Actions

A decision by Justice Elena Kagan and supported unanimously by the  Court upheld a category of shareholder lawsuits that corporations were attempting to keep out of state courts, a significant ruling on behalf of shareholders who file class actions. The Supreme Court ruled today that the 1998 amendments to the federal securities laws did not…