Better Home Shakes Challenge to Disclosure Rule for Board Picks

Better Home & Finance Holding Co. escaped a challenge Monday to an advance-notice bylaw that stockholders had blasted as “unintelligible.”

The rule requiring disclosure of nominators for the mortgage lender’s board of directors is not impossible to satisfy, so stockholders failed to meet their burden to show the bylaw should be invalidated, said Delaware Chancery Court Judge Kathaleen St. J. McCormick in a Monday opinion.

“The plaintiff successfully demonstrated that the challenged bylaw is long, broad, and overly complicated,” McCormick said. “But the plaintiff has not demonstrated that the bylaw cannot operate lawfully under any set of circumstances.”

The ...