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D.C. Circuit Vacates Proxy Access Rules, Blasts the SEC

For many years, one of the fundamental goals of shareholder rights activists has "proxy access," which would require corporations to include shareholder nominated board candidates on the company's proxy ballots. Last year, in the wake of the Dodd-Frank Act, the SEC promulgated rules...

The Latest FDIC Failed Bank Lawsuit

On December 29, 2011, in what appears to have been the final year-end step as the FDIC ramped up its failed bank litigation activity during 2011, the FDIC filed a civil lawsuit in the Western District of North Carolina in is capacity as receiver of The Bank of Ashville, of Ashville, North Carolina, against...

Former IndyMac Officers Cannot Rely on Business Judgment Rule as Defense in FDIC Failed Bank Lawsuit

On October 5, 2012, in the latest in a series of decisions addressing the question whether or not corporate officers (as differentiated from corporate directors) are entitled under California law to rely on the protections of the business judgment rule, Central District of California Judge Dale Fischer...