US court rejects SEC rule on board nominees
Legal News Center
A federal appeals court has struck down a rule adopted last year by the Securities and Exchange Commission that gave shareholders more power to nominate board directors.
The U.S. Court of Appeals for the District of Columbia Circuit said the SEC was "arbitrary and capricious" in implementing the rule, which was widely supported by investor advocates. Judge Douglas Ginsburg said the SEC failed to estimate the cost to companies to campaign against investors' nominations.
The U.S. Chamber of Commerce and the Business Roundtable, a trade group of CEOs for the nation's largest companies, had challenged the rule, which was mandated under the financial overhaul passed by Congress last year.
A spokesman for the SEC said the agency is reviewing the decision and considering its options.
Supporters of the rule said it was necessary because risky corporate behavior, particularly on Wall Street, was a leading cause of the 2008 financial crisis. Getting candidates on the board would give investors a better shot at influencing company policy.
The rule would have allowed investors owning at least 3 percent of a company's stock to put their nominees for board seats on the annual proxy ballot sent to all shareholders. Before the Securities and Exchange Commission acted on the rule, investors had to appeal to shareholders at their own expense.
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Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.