Oxfam Assesses Options in Lawsuit Against SEC

Bloomberg Law®, an integrated legal research and business intelligence solution, combines trusted news and analysis with cutting-edge technology to provide legal professionals tools to be...

Oxfam America Inc. Sept. 14 withdrew its motion for summary judgment in a lawsuit it filed to compel the Securities and Exchange Commission to issue a resource extraction disclosure rule, citing the final rule adopted by the commission last month (Oxfam America Inc. v. SEC , D. Mass., No. 12-cv-10878-DJC, 9/14/12).

However, the relief organization said it is “presently considering whether to seek to amend its complaint to address the SEC's willingness to implement the Final Rule forthwith.” Oxfam added that if it decides to go that route, it will file a motion for leave to amend its complaint within 30 days.

The SEC Aug. 22 adopted a rule to require resource extraction issuers to disclose payments they make to governments to further the commercial development of oil, natural gas, or minerals (163 SLD, 8/23/12). The rulemaking, mandated by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, was more than a year past its deadline.

Oxfam filed the lawsuit in May, citing the commission's failure to move on the rulemaking (95 SLD, 5/17/12). The organization said in its complaint that the SEC's delay injured it “both as an investor and as an organization that would rely heavily upon information disclosed under a Final Rule in its work to promote transparency and accountability in the management of extractive resource revenues."

The organization subsequently motioned for summary judgment Aug. 15 (160 SLD, 8/20/12)
Copyright 2012, The Bureau of National Affairs, Inc.

Request Bloomberg Law®