SEC's Oxfam Loss May Open Floodgates To Deadline Suits

Law360, New York (September 4, 2015, 4:08 PM EDT) -- The U.S. Securities and Exchange Commission may end up paying a price for blowing the tight deadlines Congress gave it for passing rules out of the Dodd-Frank Act and other laws after a federal court on Wednesday ordered the agency to hurry up on finalizing disclosure requirements on public oil, gas and mining companies.

In an order, U.S. District Judge Denise Casper of Massachusetts sided with the advocacy group Oxfam America Inc. in finding that the SEC had "unlawfully withheld" action on the Dodd-Frank-mandated rule-making to force so-called resource extraction companies to disclose payments made to foreign governments.

The judge further...

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