American Federation of State, County & Municipal Employees, Employees Pension Plan v. American International Group, Inc.
United States Court of Appeals for the Second Circuit
462 F.3d 121 (2006)
American Federation of State, County & Municipal Employees (AFSCME) (plaintiff) owned 26,595 shares of stock in American International Group, Inc. (AIG) (defendant). AFSCME brought a shareholder proposal to amend AIG’s bylaws to allow shareholders to nominate directors. AIG attempted to remove this proposal from its proxy statement, obtaining approval from the SEC in a no-action letter. AFSCME then brought suit to compel AIG to include the proposal in its proxy statement. The district court ruled in favor of AIG, stating that the election exclusion applied. AFSCME then appealed to the Second Circuit Court of Appeals.
Rule of Law
Holding and Reasoning (Wesley, J.)
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