Additional Information
U.S. Chamber Sues the Securities and Exchange Commission Over Stock Buyback Rule U.S. Chamber Wins Legal Victory Against SEC on Stock Buybacks Chamber Victory in Lawsuit Reverses SEC Stock Buyback RuleCase Updates
Fifth Circuit vacates the SEC’s stock buybacks rule as arbitrary and capricious for failure to respond to the Chamber’s comments or to conduct a cost-benefits analysis
December 19, 2023
Fifth Circuit holds that the Securities and Exchange Commission acted arbitrarily and capriciously, in violation of the Administrative Procedure Act, in promulgating its share-repurchase rule
October 31, 2023
U.S. Chamber coalition files reply brief in support of petition challenging the Securities and Exchange Commission’s final share-repurchase rule
August 23, 2023
Click here to view the brief.
U.S. Chamber and coalition file opening appellate brief challenging the Securities and Exchange Commission’s final share-repurchase rule, which requires companies to disclose daily repurchase activity and to provide justification for their repurchase activity
July 03, 2023
Click here to view the brief.
U.S. Chamber files lawsuit, with co-plaintiffs Texas Association of Business and Longview Chamber, against the Securities and Exchange Commission’s final share-repurchase rule requiring companies to disclose daily repurchase activity and to provide justification for their repurchase activity
May 12, 2023
The lawsuit seeks to protect returns for investors as well as the ability of companies to make decisions free from government micromanagement.
Noel J. Francisco, James Burnham, Brian C. Rabbitt, Brinton Lucas, Charles E.T. Roberts, and Ryan M. Proctor of Jones Day and the U.S. Chamber’s Litigation Center served as co-counsel for the U.S. Chamber.
Case Documents
- U.S. Chamber Petition for Review -- Chamber v. SEC (Fifth Circuit)
- U.S. Chamber Opening Brief and Exhibits A-C -- Chamber v. SEC (Fifth Circuit)
- Manhattan Institute Amicus Brief -- Chamber v. SEC (Fifth Circuit)
- Former SEC Chief Economists Amicus Brief -- Chamber v. SEC (Fifth Circuit)
- Investor Choice Advocates Network Amicus Brief -- Chamber v. SEC (Fifth Circuit)
- 15 States Amicus Brief -- Chamber v. SEC (Fifth Circuit)
- Respondents Opposition Brief -- Chamber v. SEC (Fifth Circuit)
- U.S. Chamber Reply Brief -- Chamber v. SEC (Fifth Circuit)
- Opinion -- Chamber v. SEC (Fifth Circuit)
- SEC Order Issuing Stay -- In the Matter of Share Repurchase Disclosure Modernization
- Opinion Granting Motion to Vacate Final Rule -- Chamber v. SEC (Fifth Circuit)