A recent court ruling in New Jersey could cause corporate governance headaches for mutual thrifts and activist investors.

Judge Margaret McVeigh of the Superior Court of New Jersey ruled earlier this month that Spencer Savings Bank in Elwood Park, N.J., could require 10% support from its members before board nominees stand for full election. But her ruling also squashed a motion by Spencer Savings to increase the threshold to 15%.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.