Legal Battle Brews Over SEC Stance On Proxy Access

Law360, New York (February 13, 2008, 12:00 AM EST) -- Sticking to its guns, the U.S. Securities and Exchange Commission has refused to force companies to allow shareholder proxy access, setting the stage for a potentially ugly legal battle with the American Federation of State, County and Municipal Employees union.

Late Monday, the SEC posted a series of no-action letters on its Web site, indicating that the agency would not pursue enforcement action against Bear Stearns, JP Morgan Chase & Co. and others for not allowing shareholders a possible say over the makeup of the companies'...
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