Advertisement

July 25, 2014

Industry Groups File Suit to Block Conflict Minerals Rules and Resource Extraction Rules

Late last month, the U.S. Chamber of Commerce and the National Association of Manufacturers filed suit in federal court requesting that the court either modify or set aside the SEC rules governing so-called conflict minerals.  The petition, filed before the U.S. Court of Appeals for the District of Columbia Circuit, does not state a specific basis for the legal challenge, but in a joint statement, the groups stated that though well-intentioned, the rules are “not an effective approach to this complex issue” and characterized the rule as imposing “an unworkable, overly broad and burdensome system that will undermine jobs and growth and may not achieve Congress’s overall objectives.”  This petition comes on the heels of the suit filed against the SEC early last month by a collection of industry groups asking a federal district court to block implementation of the resource extraction disclosure rules promulgated in late August.  The plaintiff trade groups raised a number of claims, including a faulty cost-benefit analysis and deficiencies under the Administrative Procedures Act and Exchange Act.  It is not clear at this time if the SEC will stay either of the controversial rules on a voluntary basis after negotiation with plaintiffs’ counsel. Should the SEC refuse to do so, the plaintiffs could petition the court for injunctive relief.

© 2014 Schiff Hardin LLP

About the Author

With long-standing expertise in the federal securities laws, Schiff Hardin provides public companies across the United States with the full range of services necessary to compete effectively in today's global and dynamic marketplace. Our primary goal is to know our clients, learn their businesses and their industries, and work closely with them to quickly, effectively and efficiently address the many legal, regulatory, and other challenges that public companies face.

312-258-5584

Boost: AJAX core statistics

Legal Disclaimer

You are responsible for reading, understanding and agreeing to the National Law Review's (NLR’s) and the National Law Forum LLC's  Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only. Any legal analysis, legislative updates or other content and links should not be construed as legal or professional advice or a substitute for such advice. No attorney-client or confidential relationship is formed by the transmission of information between you and the National Law Review website or any of the law firms, attorneys or other professionals or organizations who include content on the National Law Review website. If you require legal or professional advice, kindly contact an attorney or other suitable professional advisor.  

Some states have laws and ethical rules regarding solicitation and advertisement practices by attorneys and/or other professionals. The National Law Review is not a law firm nor is www.NatLawReview.com  intended to be  a referral service for attorneys and/or other professionals. The NLR does not wish, nor does it intend, to solicit the business of anyone or to refer anyone to an attorney or other professional.  NLR does not answer legal questions nor will we refer you to an attorney or other professional if you request such information from us. 

Under certain state laws the following statements may be required on this website and we have included them in order to be in full compliance with these rules. The choice of a lawyer or other professional is an important decision and should not be based solely upon advertisements. Attorney Advertising Notice: Prior results do not guarantee a similar outcome. Statement in compliance with Texas Rules of Professional Conduct. Unless otherwise noted, attorneys are not certified by the Texas Board of Legal Specialization, nor can NLR attest to the accuracy of any notation of Legal Specialization or other Professional Credentials.

The National Law Review - National Law Forum LLC 4700 Gilbert Ave. Suite 47 #230 Western Springs, IL 60558  Telephone  (708) 357-3317 If you would ike to contact us via email please click here.