Exelon Execs Want Out Of Derivative Suit Over Lobbying
Law360 (July 15, 2020, 5:04 PM EDT) -- Exelon Corp.'s top brass have urged an Illinois federal judge to drop a shareholder's derivative suit over their alleged failure to disclose lobbying activities to regulators, arguing that the shareholder never brought his demand to the energy provider's board of directors before filing suit.
In bringing derivative claims against the board on behalf of the company, investor Jack Feintuch is required to show that he made his concerns known to the board or that doing so would cause "immediate and irreparable harm" to Exelon, the executives said in a dismissal bid Tuesday.
And because Exelon is a Pennsylvania-incorporated company, Feintuch's claims...
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