Sarah N. Lynch
(Reuters) - A U.S. appeals court on Friday declined to rule on a legal challenge filed by business groups against a Securities and Exchange Commission rule that would force energy and mining companies to disclose payments to foreign governments.
The unanimous decision by the three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit now means a lower court will hear the lawsuit instead.
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The American Petroleum Institute, the U.S. Chamber of Commerce and two other groups are suing the SEC over a rule known as "resource extraction," one of three sets of mining-related disclosure rules in the 2010 Dodd-Frank finance reform law.
Read the full article at Reuters.