Ignoring Investors Courts Trouble
WAL-MART HAS BEEN ZAPPED for snubbing an investors' proxy resolution. The Second Circuit Court of Appeals is making the giant retailer pay nearly $55,000 in legal costs spent by institutional investors who failed to get the resolution included in the 1992 proxy. Several organizations--including a union and three religious groups--wanted Wal-Mart to report on its affirmative-action and other equal-employment policies.
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