Trinity Wall Street’s Wal-Mart suit dismissed: The Church of England Newspaper, April 18, 2014 June 2, 2014Posted by geoconger in Church of England Newspaper, The Episcopal Church.
Tags: Trinity Wall Street, Wal-Mart
A Federal judge has dismissed a lawsuit filed by the parish of Trinity Wall Street against the Wal-Mart Corporation, which sought to compel the company to distribute proxy material at its 22 April 2014 shareholders meeting that called for the company’s board to regulate the sale of products that offend “family values.” The Episcopal parish in lower Manhattan, whose real estate assets and investments are valued in the hundreds of millions of dollars, on 1 April filed suit in the U.S. District Court for Delaware asking the court to overturn Wal-Mart’s refusal to allow the proxy to come before the meeting. The church alleged that the sale of products by Wal-Mart such as ammunition clips that hold more than 10 rounds or music that endorses violence and sex harmed the company’s market value. On 11 April the judge ruled the Securities and Exchange Commission staff already had said Wal-Mart was not obligated to accept the parish’s proposal, and had not demonstrated the SEC ruling was erroneous.