Major firms sign letter to SEC opposing shareholder rights proposal

August 20, 2009 Seven major US law firm signed to a letter to the Securities and Exchange Commission (SEC) expressing their opinion on how to best implement a proposal to allow shareholders to nominate company directors.

The unusual letter was backed by Cravath, Swaine & Moore; Sullivan & Cromwell; Wachtell, Lipton, Rosen & Katz; Davis Polk & Wardwell; Latham & Watkins; Skadden, Arps, Slate, Meagher & Flom; and Simpson Thacher & Bartlett.

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