Gap’s Forum-Selection Bylaw Violates Act’s Anti-Waiver Provision, Investor Says

Mealey's (December 8, 2022, 3:01 PM EST) -- SAN FRANCISCO — The Ninth Circuit U.S. Court of Appeals should reverse a federal district court’s dismissal of an investor’s derivative lawsuit against current and former executive officers and directors of clothing retailer The Gap Inc. over the company’s lack of racial and ethnic diversity on its board of directors and senior management team because the fact that the company’s “forum-selection bylaw does not apply to direct claims for violation of the Securities Exchange Act of 1934 . . . has no legal impact on the bylaw’s invalidity,” the investor argues in a supplemental brief filed in the Ninth Circuit (Noelle Lee v. Robert J. Fisher, et al., No. 21-15923, 9th Cir.)....