A rare joint letter to the U.S. Securities and Exchange Commission from a group of defense law firms over shareholder proxy access received 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 New York-based Labaton Sucharow and Bernstein Litowitz Berger & Grossmann and Washington’s Cohen Milstein Sellers & Toll. They wrote their own letter, dated Aug. 25, supporting the SEC’s proposal to allow shareholders to nominate directors, exactly what the defense firms argued against the week before.
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