Qualcomm Investor's Political Spending Suit May Be Long Shot
Law360, New York (January 3, 2013, 9:43 PM EST) -- A novel lawsuit filed Wednesday aiming to force Qualcomm Inc. to disclose its political spending drew cheers from shareholders frustrated by the U.S. Supreme Court’s Citizens United ruling, but experts say the gambit faces long odds in court and may not catch on in the securities bar.
The suit, filed in filed in Delaware Chancery Court, takes direct aim at the 2010 Citizens United ruling, which opened the floodgates to unlimited political spending by corporations. Since then, dozens of major companies have voluntarily disclosed their political spending, but Qualcomm allegedly rebuffed multiple requests by the plaintiff, the New York State Common...
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