Cadwalader Climate

SEC Faces Lawsuits From Across Political Spectrum

Following the U.S. Securities and Exchange Commission's (SEC) adoption of a scaled back set of climate disclosure rules on March 6, 2024, several states have filed lawsuits claiming that the rules go beyond the SEC's statutory authority. The lawsuits will be consolidated and reviewed by the U.S. Court of Appeals for the Eighth Circuit, a decision made by the Judicial Panel on Multidistrict Litigation as a result of a lottery drawing; the Republican attorneys general, various energy companies and other stakeholders filed challenges to review the rules in the U.S. Courts of Appeal for the Fifth, Sixth, Eighth and Eleventh circuits, all of which are conservative leaning. The Eighth Circuit court is comprised of 17 judges, one of which was appointed by a Democratic president, with the legal challenge filed there being led by Iowa. Other states that have filed include West Virginia, Georgia, Alabama, Alaska, Indiana, New