In a memorandum and order issued yesterday, Judge Louis L. Stanton, of United States District Court for the Southern District of New York, ruled John Chevedden’s motion to dismiss is granted. Omnicom’s motion for summary judgment is denied. “The clerk is requested to enter judgment dismissing the complaint, with costs and disbursements in favor of Mr. […]
Tag Archives | court
Take Action: Join Nader's Penny Brigade
James McRitchie, 01/29/2014 ,
Some have argued that Ralph Nader started socially responsible shareholder activism with Campaign GM, when the group filed shareholder proposals to expand GM’s board to include consumer advocates and empower shareholders to place their board nominees on GM’s proxy ballot (proxy access). According to a recent article in the WSJ, the longtime consumer advocate is now putting […]
SEC Appeals Citigroup Decision
James McRitchie, 12/15/2011 ,
The Securities and Exchange Commission’s Director of the Division of Enforcement, Robert Khuzami, today made the following statement on the Citigroup case: Last month, a federal district court declined to approve a consent judgment because, in its view, the underlying allegations were ‘unsupported by any proven or acknowledged facts.’ As a result, the court rejected […]
Retail Proponents Survive Eligibility Challenges
James McRitchie, 03/09/2011 ,
In separate rulings, SEC staff rejected requests by Prudential Financial, Union Pacific, and Devon Energy to omit governance proposals filed by John Chevedden. They argued Chevedden’s proof-of-ownership letters did not comply with SEC Rule 14a-8(b). However, each of his broker’s letters stated that Chevedden holds shares through them and they also identified a member of […]
Delaware Chancery Should Refocus
James McRitchie, 02/24/2011 ,
Governance practitioners should be aware of two very recent Delaware Chancery cases which are likely to have a significant effect upon business practices. In the first, Air Products and Chemicals, Inc. v. Airgas, Inc., et al and In re Airgas Inc. Shareholder Litigation, Civ. Act. Nos. 5249-CC and 5256-CC February 15, 2011, the Delaware Chancellor in […]
KBR Channels Apache: Chevedden Sued Again
James McRitchie, 01/21/2011 ,
It’s a case of legal déjà vu for John Chevedden. The retired aerospace worker and shareholder activist is once again facing a legal challenge in his attempt to submit a proposal to shareholders of a public company. This time, it’s KBR. Last year, Chevedden was sued by Apache Corp., which rejected his shareholder proposal because […]
Possible Reversal of Fortune for Bebchuk on Proxy Access
James McRitchie, 09/16/2010 ,
Pom Talk (New Proxy Rules Already Impacting Pending Litigation, 9/15/10) reports the SEC’s new proxy access rules, enacted on August 25, 2010 but not yet published in the Federal Register, have already found their way into court. Based on the rule changes adopted by the SEC, the Second Circuit recently remanded Bebchuk v. Elec. Arts, […]
Corporate Governance: More Important than Ever with Supreme Court Decision
James McRitchie, 01/21/2010 ,
As the New York Times put it, “Sweeping aside a century-old understanding and overruling two important precedents, a bitterly divided Supreme Court on Thursday ruled that the government may not ban political spending by corporations in candidate elections.” (Justices Overturn Key Campaign Limits, 1/22/10) Off to the right on the blog site of CorpGov.net, we […]