9th Circ. Bars Fed. Jurisdiction In PICO 'Say On Pay' Suits

Law360, Los Angeles (August 1, 2013, 4:00 PM EDT) -- The Ninth Circuit ruled Wednesday that shareholder securities suits stemming from a negative "say on pay" vote over executive compensation at California-based PICO Holdings Inc. belonged in state court because the actions did not allege violations of federal laws.

Shareholders arguing that PICO's board of directors shouldn't have raised pay for its top brass despite the holding company losing net income in 2010 never claimed that PICO didn't conduct a stockholder vote mandated by federal laws, court filings said.

Rather, the shareholders alleged that PICO broke...
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