Commentaries by John W. Martin

California Court to Shareholders: You Don’t Matter

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California Court to Shareholders: You Don’t Matter

May 5, 2025 06:53:56 pm

A recent California appellate decision has thrown into doubt one of the most fundamental principles of corporate law: that shareholders, even when passive, have legal rights that are enforceable and protected. By denying recovery to a publicly held company defrauded by its own CEO—and by treating that CEO’s fraud as the company’s own—the court effectively [...]

THIS DAY @ LAW

Confederate rebels' voting rights restored under amnesty

On May 22, 1872, President Ulysses S. Grant signed the General Amnesty Act, allowing all but about 500 Southern male voters denied voting rights as a punishment for rebellion under the XIVth Amendment to regain their right to vote and hold office. General amnesty was finally made universal on June 6, 1898.

Sri Lanka constitution ratified

On May 22, 1972, the former British colony of Ceylon ratified a new constitution, becoming the Republic of Sri Lanka.