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ARTICLE · 16 OCTOBER 2024

State AGs Challenge Nasdaq's Diversity Disclosure Rule As Discriminatory

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On October 3, 2024, a group of twenty-two state attorneys general sent a letter to Nasdaq Chair Adena Friedman inquiring into the listing company's "commitment to ensuring federal and State anti-discrimination laws are followed."

United StatesCorporate/Commercial Law
Derick D. Dailey
Derick D. Dailey
Emily Werkmann
Emily Werkmann
David R. Kolker
David R. Kolker

What You Need to Know

Key takeaway #1

Nasdaq's disclosure rule is being challenged across the board by conservative interest groups via judicial review and by Republican state attorneys general.

Key takeaway #2

These challenges underscore the potential for continued legal challenges regarding diversity in the corporate and financial services industries and the need for companies to be aware of potential actions and inquiries that state attorneys general may make regarding DEI initiatives.

Key takeaway #3

It is important for companies to remain vigilant and revisit their DEI programs and policies to ensure compliance with current state and federal legal standards.

On October 3, 2024, a group of twenty-two state attorneys general sent a letter to Nasdaq Chair Adena Friedman inquiring into the listing company's "commitment to ensuring federal and State anti-discrimination laws are followed."1 The letter, penned by Iowa Attorney General Brenna Bird, stems

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