Wal-Mart gun lawsuit could have big implications for company

An upcoming lawsuit over firearms filed against Wal-Mart could have big implications on the future of corporate governance.

New York City’s Trinity Church is suing Wal-Mart for not allowing shareholders to vote on a resolution related to gun sales.

According to the Wall Street Journal, a district court sided with Trinity in November, but Wal-Mart appealed the move. Expected to be heard in court next month, the appeal argues the shareholder resolution meddles in regular business decisions and is at odds with decades of guidance from the Securities and Exchange Commission that such affairs are off limits.

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