Legal News

Now, Business Groups Sue SEC over Dodd-Frank
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

It is common for the SEC to sue businesses and business groups, but it came as news on Wednesday when four business groups filed a lawsuit against the Securities and Exchange Commission alleging that SEC has brought its new anti-bribery rule without properly weighing the costs and benefits. The controversial rule requires oil, mining and gas companies to disclose payments made to foreign governments.

The business groups have alleged that the SEC “grossly misinterpreted its statutory mandate” in the rule creation process and ended up creating something that violates the First Amendment rights of concerned businesses.

However, according to SEC spokesman John Nester, the SEC believes itself to be legally correct and is reviewing the lawsuit. Nester said, “We believe our legal interpretation and economic analysis are sound and we look forward to defending the rule that Congress directed us to write.”

  
What
Where


The businesses challenging the SEC rule is represented in court by attorney Eugene Scalia, the son of Supreme Court Justice Antonin Scalia. Eugene has a history of demolishing SEC regulations including the proxy access rule last year. He is considered an expert in the strengths and weaknesses of the Dodd-Frank Wall Street reform law.

The recent rule by the SEC is meant to combat the practice of bribery on foreign soil by U.S. Energy companies. It became more relevant after U.S. courts, of recent, began to question the merits of the Foreign Corrupt Practices Act, and why issues involving matters not affecting national security or interests, and which take place on foreign soil, are not being litigated in foreign courts, but at the expense in U.S. and at the expense of U.S. taxpayers.

The four business groups challenging SEC’s resource extraction rule include the U.S. Chamber of Commerce, the American Petroleum Institute, the Independent Petroleum Association of America, and the National Foreign Trade Council.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!






 

RELEVANT JOBS

Paralegal

USA-IL-Fairview Heights

Candidate will assist two attorneys with workers compensation cases from the initial filing and reco...

Apply now

Director of Originations, Litigation Finance Investments

USA-TX-Dallas

Location is flexible nationwide -- NOT only Dallas. Job Summary Rapidly growing litigatio...

Apply now

Litigation Paralegal

USA-NY-Brooklyn

Ween & Kozek, PLLC is hiring. We are a boutique law firm focused on housing and tenants’ right...

Apply now

Trademark Paralegal / Legal Assistant

USA-FL-Miami

MAVEN IP is looking for a detail-oriented full-time paralegal assistant with experience and kno...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Litigation Attorney/Landlord Tenant Associate

USA-MD-Baltimore

Baltimore office of a BCG Attorney Search Top Ranked Law Firm seeks litigation attorney/landlord ten...

Apply Now

Trial Associate Attorney

USA-GA-Atlanta

Atlanta office of our client seeks associate attorney with 2-4 years of trial experience. The ideal ...

Apply Now

Litigation Associate Attorney

USA-FL-West Palm Beach

West Palm Beach office of a BCG Attorney Search Top Ranked Law Firm seeks litigation associate attor...

Apply Now

SEARCH IN ARCHIVE

To Top