U.S. Securities and Exchange Commission headquarters in Washington, D.C. Photo: Diego M. Radzinschi/ALM SEC's Climate Disclosure Rule Ignites Debate, Litigation Over Agency's Authority
Supporters cite the SEC's string of disclosure requirements for public companies, while opponents say none of those other mandates addresses environmental oversight.
March 07, 2024 at 09:37 PM
5 minute read
Environmental Social and Governance
The U.S. Securities and Exchange Commission's adoption of its climate disclosure rule this week followed dueling contentions between Democratic and Republican commissioners over whether the agency has the authority to require the environment-related disclosures, a debate likely to be front and center in legal challenges.
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Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
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Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
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