In Friday’s blog, Allison Handy and Andrew Moore gave us five superb insights into “top of mind” topics about the SEC’s new climate rules that people are talking about. The first item was about how a coalition of 10 Republican-led states announced the filing of a lawsuit in the U.S. Court of Appeals for the 11th Circuit. The lawsuit challenges the SEC’s statutory authority to make the rule and claims that the rule is arbitrary and capricious under the Administrative Procedure Act.

Now a second group of states has filed a lawsuit in the U.S. Court of Appeals for the 5th Circuit, as noted in this article. In addition, two energy companies have also filed a lawsuit in the 5th Circuit.

So I imagine this is just the tip of an iceberg and there likely will be quite a few more lawsuits filed – including a possible lawsuit filed by environmental groups challenging the SEC’s alleged “arbitrary removal” of the Scope 3 emissions requirements from the SEC’s proposed rules…

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Photo of Broc Romanek Broc Romanek

As a strategist for the firm’s Corporate & Securities practice, Broc Romanek has a deep understanding of the regulatory and environmental, social, and governance (ESG) marketplace. Prior to joining Perkins Coie, Broc served as editor at TheCorporateCounsel.net, CompensationStandards.com, and DealLawyers.com, where he oversaw…

As a strategist for the firm’s Corporate & Securities practice, Broc Romanek has a deep understanding of the regulatory and environmental, social, and governance (ESG) marketplace. Prior to joining Perkins Coie, Broc served as editor at TheCorporateCounsel.net, CompensationStandards.com, and DealLawyers.com, where he oversaw and managed coverage on issues related to ESG, corporate governance, executive pay, deals, and market trends and analysis.

In addition to his nearly two decades of working as a journalist and publisher, Broc served as assistant general counsel at a Fortune 50 company, worked in the Office of Chief Counsel of the U.S. Securities and Exchange Commission’s (SEC) Division of Corporation Finance, was a counselor to former SEC Commissioner Laura Unger, and worked in private practice. He also is the author, or co-author, of four legal treatises, and has authored several books focused on the legal industry.