Corporate Governance

Intuit Shareholders Urged to Vote Against Forced Arbitration Proposal

CFA and 53 other consumer groups sent a letter voicing their opposition to a proposal to settle disputes through forced arbitration

Washington, D.C. – With Intuit shareholders scheduled to vote on a proposal to strip shareholders of their right to hold the company accountable for any wrongdoing in court, more than 50 organizations sent a letter to the Board of Directors expressing their opposition to the measure. The effect of the proposal, which would force all shareholder disputes into individual arbitration at a single, pre-determined arbitration firm, would be to effectively eliminate both the deterrent effect of class-action shareholder lawsuits and the opportunity for defrauded investors to recover their losses, the groups wrote.