A trio of legal experts has come out against a to-be-introduced shareholder rights bill authored by Senator Charles Schumer (D-NY).
In an editorial with The Wall Street Journal, lawyers Martin Lipton and Theodore N. Mirvis, and Harvard law professor Jay W. Lorsch, state their anticipatory opposition to the Shareholder Bill of Rights Act of 2009, saying that increased shareholder rights will only result in a continuation of the short-term stockholder focus that brought about recession in the first place.
“The stockholder-centric view of the current Schumer bill simply cannot be the cure for the disease it spawned,” reads the piece.