Rent-A-Center Moves To Nix Shareholder Poison Pill Suit

Law360, Houston (April 26, 2017, 3:38 PM EDT) -- Rent-A-Center Inc. on Tuesday asked a federal judge in Texas to dismiss a shareholder suit alleging that a poison pill in the company's loan agreements with JPMorgan Chase & Co. and Bank of New York Mellon is preventing shareholders from replacing the board of directors, arguing that the shareholders' claims stem from a misreading of the agreements.

Shareholder Arnaud van der Gracht de Rommerswael filed the shareholder derivative action earlier this month, alleging that a clause known as a "dead hand proxy put" is preventing the replacement of board members because it allows Rent-A-Center lenders JPMorgan and BNY Mellon to make the...

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