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Trinity Wall Street v. Wal-Mart Stores, Inc. (2014)

United States District Court for the District of Delaware - 75 F. Supp. 3d 617

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"In a struggle for shareholder voice against corporate giants, Trinity Wall Street takes on Wal-Mart for excluding their proposal from the 2014 annual shareholders meeting."

ICRA

Issue

In essence, the case revolves around a potential violation of SEC 14a-8(i)(7) rule by Wal-Mart as it excluded Trinity Wall Street's proposal from the 2014 shareholder meeting, further delving into whether this proposal was "ordinary business" or a substantial policy issue requiring shareholder scrutiny.

Conclusion

Legal Conclusion: The court concluded that Walmart's exclusion of Trinity's proposal was unlawful as the proposal dealt with governance matters rather than daily operational decisions. The court affirmed its authority to decide on the ordinary business exception and declared that shareholders have the right to challenge a company's exclusion of their proposals. The court granted Trinity's summary judgment motion and rejected Walmart's counter-motion.

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Rule

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Analysis

Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum

Brief Facts & Holding

Facts

  • Trinity Wall Street wanted to include a proposal in Walmart's 2014 annual shareholder's meeting.
  • Walmart excluded the proposal, leading Trinity to sue for violation of federal securities law.
  • Trinity received an injunctive relief for this.
  • The court lacked jurisdiction to deal with the situation regarding the 2015 proxy materials because it was not ripe yet.
  • The court denied preliminary injunctive relief for the exclusion of Trinity's 2014 Proposal deeming it as related to Walmart's ordinary business operations.

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Holding

  • Hey! This is the holding for Pennoyer v. Neff. It probably isn't the holding for the brief you're looking at. Join LSD+ for full access.
  • A named property within the court's jurisdiction is attached to satisfy an unrelated claim, despite the owner of said property being a non-resident of the state.
  • A named property within the court's jurisdiction is attached as the basis for the suit (e.g., to quiet title), despite the owner of said property being a non-resident of the state.
  • An individual is sued who is a resident of the state, or who has been served with process while physically located within the state.
  • jurisdiction - Neff is neither a resident, nor was served while within the state. Service by publication may be valid for an
  • proceeding, where the owner would be made aware of the suit due to their property being seized, but not for
  • jurisdiction - the action was on the basis of a suit to receive payment owed, and did not relate directly to a property within the state.
  • jurisdiction, as the Oregon property was not attached to the initial suit, but rather was added in after the suit happened - note that Neff did not even purchase the property until after the suit had concluded.
  • Accordingly, the Oregon court did not have jurisdiction over the initial suit between Neff and his lawyer.
  • Enforcement of a judgment without jurisdiction denies due process!
  • Additionally, although judgments rendered by other states are entitled to full faith and credit, if that state did not have jurisdiction to render the judgment, it loses such entitlement.
Case Deep Dive
Majority opinion by STARK, U.S. District Judge:
  • Short Summary
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Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. . Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur

Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Excepteur sint occaecat cupidatat non proident, . Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua

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Trinity Wall Street v. Wal-Mart Stores, Inc.

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