ARTICLE · 27 DECEMBER 2024

Issue 61: December 19, 2024

Steptoe LLP

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Arizona Attorney General Kris Mayes filed a lawsuit against Fondomonte, a Saudi-owned company, alleging its excessive groundwater pumping in La Paz County threatens public health, safety, and infrastructure.

United StatesCorporate/Commercial Law

Litigation

Arizona Attorney General Kris Mayes filed a lawsuit against Fondomonte, a Saudi-owned company, alleging its excessive groundwater pumping in La Paz County threatens public health, safety, and infrastructure. The lawsuit aims to curtail the company's water use and establish an abatement fund. The legal action could serve to prompt new groundwater regulations in Arizona.

Standards

The US Court of Appeals for the Fifth Circuit found that the SEC acted beyond its statutory authority when it approved Nasdaq listing requirements relating to diversity characteristics of public company board members. As a result, Nasdaq-listed companies will no longer be required by the SEC or Nasdaq to meet or explain why they do not meet certain minimum diversity characteristics. The SEC is not expected to appeal to the Supreme Court.

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