Reprinted with the permission of The Legal Intelligencer.

Is "sustainability" material to the reasonable investor? Under the securities laws, publicly traded companies are required to disclose to their shareholders and the investing public "material" information about their company. In TSC Industries v. Northway, 426 U.S. 438 (1976), the U.S. Supreme Court defined "material information" as that which "presents a substantial likelihood that disclosure of the omitted fact would have been viewed by the 'reasonable investor' as significantly altering the 'total mix' of information made available." ... 

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