A rare joint letter to the U.S. Securities and Exchange Commission from a group of defense law firms over shareholder proxy access is receiving an even rarer response from nine of the country’s largest plaintiffs law firms.
The firms, more typically seen in shareholder litigation than in regulatory squabbles, include Labaton Sucharow; Bernstein Litowitz Berger & Grossman; and Cohen Milstein Sellers & Toll. The letter, dated Tuesday, supports the SEC’s proposal to allow shareholders to nominate directors, exactly what the defense firms argued against last week.
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