Legal Brawl Clouds Debut Of Calif. Cap-And-Trade Auction

Law360, New York (November 14, 2012, 7:38 PM EST) -- A last-minute legal challenge failed to derail California's first cap-and-trade auction of pollution credits Wednesday, but people familiar with the program say it injected a level of uncertainty that could drive down initial participation in the program until the litigation advances.

The lawsuit filed Tuesday by the California Chamber of Commerce, while not unexpected, could depress demand for the tens of millions of greenhouse gas emissions allowances the California Air Resources Board put up for auction Wednesday, experts said.

The auction marked the first time CARB...
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