Law360, New York ( August 4, 2015, 10:44 AM EDT) -- In April, when the U.S. Court of Appeals for the Third Circuit ruled in Wal-Mart's favor in the case of Trinity Wall Street v. Wal-Mart Stores Inc.,[1] the court's decision was expected to adhere to the U.S. Securities and Exchange Commission's and its staff's long-standing interpretation of the "ordinary business exclusion" to the shareholder proposal rule, Exchange Act Rule 14a-8(i)(7). The circuit court's published opinion in the case, released in July, however, reveals that the court took a slightly different approach to applying the exclusion. This development may provide companies with a broader basis for excluding certain shareholder proposals....