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Oxfam America Will Sue SEC Over Oil Company Disclosures

Joe Mont | September 18, 2014

Oxfam America, an international relief and development organization, is suing the Securities and Exchange Commission for, in its words, “unlawfully withholding” a final rule implementing a Dodd-Frank Act requirement that oil, gas and mining companies to disclose payments made to governments for the extraction of natural resources.

When Congress enacted the legislation on July 21, 2010, it gave the SEC a 270-day deadline to promulgate rules. After Oxfam America sued for undue delay, the Commission issued a rule in August 2012, which was then challenged in court by the American Petroleum Institute and vacated by the U.S. District Court. Although the rule was sent back to the Commission to be redrafted, the SEC has yet to reissue the new...

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