SEC Hurt FedEx, Virtu on Proxy Firm Rule Cuts, Chamber Says (1)

FedEx and Virtu were harmed by an SEC rollback of Trump-era restrictions on proxy advisory firms, according to a new court filing from the US Chamber of Commerce.

The companies were among the many Chamber members opposed to the Securities and Exchange Commission’s decision this year to scuttle 2020 requirements aimed at curbing Institutional Shareholder Services Inc., Glass, Lewis & Co., and other advisory firms that recommend how investors should vote at companies’ annual meetings, the business association said Tuesday in a court challenge to the agency’s changes.

The Chamber’s case in the US District Court for the Middle ...