MassMutual Wins Appellate Victory in Challenge to Proxy Statement

Skadden secured an appellate victory on behalf of Massachusetts Mutual Life Insurance Company (MassMutual) in a putative class action challenging MassMutual's proxy statement regarding a proposed bylaw amendment on the alleged ground that the statement did not include potential negative consequences of the amendment. The class action also demanded inspection of all of MassMutual's "books and records" concerning those matters. Skadden had previously secured dismissal of all claims in the lower court. On May 5, the Appeals Court of Massachusetts affirmed that win, holding that the complaint failed to identify beyond a speculative level that any undisclosed information would have changed a policyholder's vote.