Legal
Exxon Suit Targeting Activist Group Arjuna Tossed by Judge
- Judge rules case is over after shareholder proposal is pulled
- Company went through court instead of conventional SEC vetting
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A federal judge dismissed a lawsuit by Exxon Mobil Corp. against Arjuna Capital after a lawyer for the activist investor group vowed not to try to resurrect a shareholder policy opposed by the company.
The judge in Fort Worth, Texas, issued his order Monday hours after holding a hearing in the closely watched case over Exxon’s novel move to use the courts to keep environmental and social investor bids out of annual meetings. The suit was part of a broader corporate pushback to the power wielded by the US Securities and Exchange Commission in the vetting of shareholder proposals.