Business Groups Sue SEC Over Proxy-Access Rule
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The U.S. Chamber of Commerce, the nation’s biggest business lobby, and the Business Roundtable sued the Securities and Exchange Commission to overturn a rule that makes it easier for investors to oust corporate directors.
The two groups decided to sue after completing a legal analysis of the regulation, they said today at a news conference in Washington. The rule, which allows shareholders owning 3 percent of a company to nominate board members on corporate ballots, was passed by a divided SEC last month.