NJ AG Backs J&J Bid To Toss Shareholder Arbitration Suit

Law360 (August 27, 2019, 8:17 PM EDT) -- The New Jersey attorney general urged a federal court Tuesday to ax a shareholder suit against Johnson & Johnson over the company's refusal to put up for a vote the investor's proposal to send shareholder disputes to arbitration rather than federal court, saying such a move would violate state law.

In an amicus brief in support of J&J's dismissal bid, Attorney General Gurbir S. Grewal said the pharmaceutical giant properly excluded the proposal from proxy materials this year. He said that The Doris Behr 2012 Irrevocable Trust's proposal, if implemented, would run afoul of the New Jersey Business Corporation Act....

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