American Airlines Investor Targets Notification Rule

Law360, New York (May 6, 2009, 12:00 AM EDT) -- An American Airlines shareholder has hit the carrier's parent company AMR Corp. with a proposed class action, contending that a new bylaw interferes with investors' rights.

Investor Felipe Andrade filed suit Monday in the Delaware Chancery Court on behalf of the company's stockholders, upset over new language adopted unilaterally by AMR's board of directors.

The root of the lawsuit can be traced back to January, when AMR's board convened to restate and amend the company's bylaws.

Under the new statute, stockholders must file an advance notice...
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