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Wal-Mart Appeals Denial of Exclusion of Shareholder Proposal

By | January 7, 2015

Wal-Mart has appealed the United States District of Delaware’s decision which denied Wal-Mart the right to exclude a shareholder proposal submitted by Trinity Wall Street.  The District Court held that the SEC was incorrect when it rendered a no-action letter permitting exclusion of a shareholder proposal submitted under Rule 18a-8 in Trinity Wall Street v Wal-Mart Stores, Inc.  Wal-Mart had argued to the SEC that the proposal was excludable under Rule 14a-8(i)(7) as a matter related to ordinary business operations.

The Third Circuit has granted Wal-Mart’s unopposed motion for an expedited appeal with briefing to be completed by February 13, 2015.  Last year Wall-Mart filed its proxy statement on April 23.

Stay tuned.

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