Business Groups Attack SEC Proxy Rule In DC Circ.

Law360, New York (April 7, 2011, 1:56 PM EDT) -- The U.S. Chamber of Commerce and Business Roundtable sought to convince the D.C. Circuit on Thursday that a new U.S. Securities and Exchange Commission proxy access rule did not adequately consider the associated costs.

Eugene Scalia, an attorney for the business groups, told a three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit that in addition to its flawed cost-benefit analysis, the SEC failed to adequately consider alternatives to its proposal. The rule also violates the First Amendment, Scalia said....
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