Monday, May 06, 2024

Conservative legal group seeks to join SEC climate challenge

By Mark S. Nelson, J.D.

A new petition for review of the SEC’s climate risk disclosure regulation filed by the New Civil Liberties Alliance on behalf of the self-described conservative group National Center for Public Policy Research seeks to join an already crowded field vying for a role in the consolidated challenge to the regulation in the Eighth Circuit. The Judicial Panel on Multidistrict Litigation previously held a random drawing that resulted in the several petitions for review of the SEC’s climate regulation being sent to the Eighth Circuit, but that drawing only applied to petitions that were filed during a short window soon after the SEC adopted the final version of the regulation (National Center for Public Policy Research v. SEC, April 29, 2024).

The petition itself, as is typical, says little about what arguments the groups plan to assert in court, but a press release issued by the NCLA announcing the lawsuit suggests the groups will make arguments similar to those already suggested by other petitioners, including alleging that the SEC exceeded its authority and that some provisions in the climate regulation violate the First Amendment. Other petitions already filed in the case have made more specific arguments around the Administrative Procedure Act and the Supreme Court’s more recently articulated major questions doctrine.

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