By Tom Zanki (June 15, 2021, 5:40 PM EDT) -- Certain investor groups on Tuesday asked a federal court to void new U.S. Securities and Exchange Commission rules that raised eligibility requirements for submitting shareholder proposals, arguing they "severely impair" investors' input on corporate policies.
The Interfaith Center on Corporate Responsibility, As You Sow, and shareholder activist James McRitchie claim SEC rules enacted last year are unlawful under the Administrative Procedures Act and should be vacated, according to a complaint filed in the U.S. District Court for the District of Columbia.
The complaint further alleges that the SEC rule changes "severely impair shareholders' access to the proposal process" because they raise...
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