CORPORATIONS: Victory for Investors

In a "Chicago federal court, the most important legal decision affecting U.S. business this year—and perhaps for years to come—was handed down last week by snow-mustached Judge Walter Jacob LaBuy. Framing the terms for the long-awaited divorce of Du Pont from its 23% control of General Motors stock, Judge LaBuy ruled that Du Pont may keep its 63 million shares (market value: $3.5 billion), but must give up its voting rights.

The decision closely paralleled the plan proposed by Du Pont itself after the U.S. Supreme Court had ordered the separation under the...

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