New Considerations For Confidentiality In SEC Filings

Law360 (September 9, 2019, 5:43 PM EDT) -- The U.S. Supreme Court's June 24 decision interpreting the Freedom of Information Act’s (b)(4) exemption will have a wide-ranging effect on the way governmental agencies respond to requests for the release of third-party information.

In Food Marketing Institute v. Argus Leader Media, a majority of the court rejected the notion that FOIA’s (b)(4) exemption requires a showing of likely competitive harm by overturning the U.S. Court of Appeals for the District of Columbia Circuit's 1974 case National Parks Conservation Association v. Morton.

National Parks had held that the (b)(4) exemption applied only to information whose disclosure is likely “(1) to impair the...

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