Daily Archives: November 25, 2019, 2:20 pm

California Law Mandating Women Directors Is Challenged

It has been a surprisingly strong catalyst to nudge boards to add more female directors. But now, California’s first-in-the-nation law that mandates women on boards is facing a critical court challenge. The libertarian group Pacific Legal Foundation recently filed a federal lawsuit, saying California’s law violates the U.S. Constitution’s equal protection clause. The group also says that a mandate isn’t…

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Avoiding a securities class action: What companies and directors need to consider post-Myer | Global law firm | Norton Rose Fulbright

On 24 October 2019, the Federal Court of Australia handed down Australia’s first securities class action to proceed to judgment. The decision has provided welcome clarity around three issues. First, the interpretation of the continuous disclosure obligation in s 674 of the Corporations Act 2001 (Cth) and the associated ASX Listing Rules. Secondly, the acceptance by the Federal Court of…

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Former Tesco director is acquitted over £250m fraud scandal | Stock Daily Dish

Ex-Tesco director is acquitted over £250m fraud scandal as Serious Fraud Office offers no evidence – just weeks after judge dismissed case against his two colleagues for being too ‘weak‘ Tesco‘s former UK finance director has been cleared over a £250 million fraud and false accounting scandal after the scandal-hit Serious Fraud Office (SFO) dropped the case against him. Carl…

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Sponsors take steps to reduce company-stock litigation risk

As the U.S. Supreme Court reviews another ERISA-based challenge to company-stock management in 401(k) plans, many sponsors have acted to reduce their litigation risk in stock-drop cases. ERISA attorneys and defined contribution consultants say sponsors that outsource management of company stock to independent fiduciaries or who keep high-ranking insiders off oversight committees have a better chance of avoiding — or…

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