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Rating:Chamber Sues to Block Indy Chair Rule Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, July 08, 2005

Chamber Sues to Block Indy Chair Rule

by: Theresa Sim

As expected, U.S. Chamber of Commerce will try to block the SEC's reapproved independent director and fund governance requirements. The trade group filed a petition for a permanent injunction against the rule in the D.C. Circuit Court of Appeals, reports the Wall Street Journal.

According to the Journal, Eugene Scalia, the Chamber's counsel, said in a statement that the SEC "has engaged in an unprecedented, headlong rush to rubber-stamp its earlier decision, without the thorough, deliberate, and open-minded consideration demanded by the unanimous court of appeals, and by the law."  

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