Firms Lash Out At Proposed Proxy Access Rule

Law360, New York (August 19, 2009, 1:12 PM EDT) -- Seven major law firms have hit out at a proposed U.S. Securities and Exchange Commission proxy access rule that would allow shareholders to nominate directors in a company's proxy statement, saying it could be unnecessarily disruptive and inflexible.

Cravath Swaine & Moore LLP, Davis Polk & Wardwell LLP, Latham & Watkins LLP, Simpson Thacher & Bartlett LLP, Skadden Arps Slate Meagher & Flom LLP, Sullivan & Cromwell LLP and Wachtell Lipton Rosen & Katz on Monday sent a letter to the SEC asking it to act...
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