In a setback for the
The
A mere week later, former SEC Chairman William Donaldson put the measure to a second vote, which the two other Republican Commissioners voted against, but which passed a second time, again by a 3-2 margin.
Yesterday, the federal appeals court agreed with the U.S. Chamber, in its second lawsuit, that the rule should be at least temporarily shelved, based on cost, unsubstantiated shareholder benefits and what the Chamber views as the SEC overstepping its jurisdictional bounds.
Eugene Scalia, a lawyer for the U.S. Chamber of Commerce and a partner with
Both sides must now provide the court with additional legal briefs, with a final decision now slated for mid-November.