DC Circ. Says Energy Cos. Fighting SEC Rule In Wrong Court

Law360, New York (April 26, 2013, 3:21 PM EDT) -- The D.C. Circuit on Friday nixed an industry challenge to the U.S. Securities and Exchange Commission’s controversial rule requiring certain oil, gas and mining companies to disclose payments made to foreign governments, saying the dispute belongs in a lower court.

A three-judge panel said the appeals court lacked jurisdiction to consider claims by the American Petroleum Institute and other business groups that the rule, mandated by the Dodd-Frank Act, violates companies’ First Amendment rights, as well as the Exchange and Administrative Procedure Acts.

The D.C. Circuit...
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