News & Analysis as of

Corporate Governance Statutory Interpretation

Sheppard Mullin Richter & Hampton LLP

Plain Speaking Wins the Day with D.C. Court of Appeals: Proxy Advisors Are Not Subject to SEC Rule 14(A) Solicitation Prohibition

The United States Court of Appeals for the District of Columbia Circuit recently held that the Securities and Exchange Commission (“SEC”) and the securities industry were effectively “separated by a common language.” Giving...more

Fenwick & West LLP

Delaware Supreme Court to Consider Constitutionality of SB 21

Fenwick & West LLP on

The Delaware Supreme Court has agreed to accept questions certified to the court relating to the constitutionality of Senate Bill 21 (SB 21), which was signed into law back in March 2025. ...more

Allen Matkins

Is An LLC's Membership List A Trade Secret?

Allen Matkins on

Yesterday's post considered one of several matters raised on appeal in Perry v. Stuart, 2025 WL 1501935.   The case involves a former member's demand for inspection of records of a California limited liability company. ...more

Allen Matkins

If "Will" Means "Shall", Does "Shall" Mean "Will", "May" or "Must"?

Allen Matkins on

In reviewing a recent agreement, I came across the following interpretive provision...more

Hogan Lovells

Celebrating a Century: The enduring relevance of the Trustee Act 1925 for UK Pension Trustees

Hogan Lovells on

2025 marks the centenary of the Trustee Act 1925, which received Royal Assent in Parliament on 9 April 1925. This article explores how, 100 years on, the Act continues to provide crucial guidance and protection for trustees,...more

Conyers

Adapting the Machinery

Conyers on

The Case of Changyou.com Ltd v Fourworld Global Opportunities Fund Ltd and 7 others 2025 UKPC 12 - In a judgment handed down on 11 March 2025, the Privy Council has upheld the amendments made to sections 238(2)-(5) of the...more

Allen Matkins

Court Applies Internal Affairs Doctrine Even Though Statute Refers Only To Directors

Allen Matkins on

Courts are wont to say that Section 2116 of the California Corporations Code codifies the internal affairs doctrine.  See Villari v. Mozilo, 208 Cal. App. 4th 1470, 1478 n.8 (Cal. Ct. App. 2012) (“Corporations Code section...more

A&O Shearman

Implications of the SEC’s stance that meme coins are not securities

A&O Shearman on

On February 27, 2025, the U.S. Securities and Exchange Commission’s Division of Corporation Finance issued a formal Staff Statement on “meme coins.” In this statement, the SEC staff took the position that typical meme...more

Allen Matkins

It Is More Than Conceivable That The Court Of Chancery Would Correct Statutory Law

Allen Matkins on

The most distinguishing feature of Delaware law is that it is interpreted and applied by a court of equity.   A recent post by Professor Stephen Bainbridge illustrates this point...more

ArentFox Schiff

Fifth Circuit Vacates SEC’s Approval of Nasdaq’s Diversity Rules

ArentFox Schiff on

On December 11, 2024, the US Court of Appeals for the Fifth Circuit ruled that the Securities and Exchange Commission (SEC) lacked statutory authority to approve Nasdaq’s board diversity rules. Subject to certain exceptions,...more

McDermott Will & Emery

Equity Is Neither a “Good” Nor a “Service” Under Lanham Act

McDermott Will & Emery on

The US Court of Appeals for the Ninth Circuit affirmed a district court’s decision that, in terms of trademark use in commerce, corporate equity is not a “good” or “service” under the Lanham Act. LegalForce RAPC Worldwide, PC...more

Health Care Compliance Association (HCCA)

The sky is not falling

This summer, the U.S. Supreme Court overruled the Chevron deference in a 6–3 decision, holding that “Courts must exercise their independent judgment in deciding whether an agency has acted within its statutory authority.” As...more

Keating Muething & Klekamp PLL

Securities Snapshot: 2nd Quarter 2024 - SEC Slows Down Rulemaking

After a few years of proposing and adopting an unprecedented number of new rules, the Securities and Exchange Commission moderated its rule adoption activities in the second quarter of 2024. During the quarter, the SEC...more

Latham & Watkins LLP

The Case Against SEC Final Climate Rules Begins in Earnest

Latham & Watkins LLP on

The Eighth Circuit is poised to determine the fate of the SEC’s final climate regulation, potentially by the end of the year. On March 21, 2024, the US Court of Appeals for the Eighth Circuit was selected as the court that...more

Carlton Fields

Florida Is Now a “Demand Futility” State for Shareholder Derivative Actions

Carlton Fields on

On January 1, 2020, the new Florida Business Corporation Act took effect. It includes a provision that settles in the affirmative whether Florida is a “demand futility” state for shareholder derivative litigation. To succeed...more

Allen Matkins

Are Some Publicly Held California Corporations Exempt From The State's Female Board Quota Law?

Allen Matkins on

Corporations Code Section 301.3(a) provides: "No later than the close of the 2019 calendar year, a publicly held domestic or foreign corporation whose principal executive offices, according to the corporation’s SEC 10-K...more

Dorsey & Whitney LLP

D.C. Circuit Upholds CFPB’s Constitutionality: Why the PHH Case Underscores the Importance of Internal Agency Discipline

Dorsey & Whitney LLP on

On January 31, the U.S. Court of Appeals for the D.C. Circuit issued a plurality opinion en banc that confirmed the constitutionality of the Consumer Financial Protection Bureau’s (“CFPB”) governance by a sole Director, while...more

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