Business Groups Consider More Legal Challenges to Dodd-Frank Financial Overhaul
Posted Aug 1, 2011 6:00 AM CDT
By Debra Cassens Weiss
An appeals court ruling last week striking down a Securities and Exchange Commission rule governing corporate boards has emboldened some business groups.
The ruling struck down a rule that would have made it easier for investors to replace corporate directors with their own candidates, the Wall Street Journal (sub. req.) reports. The SEC wrote the rule under the authority of the Dodd-Frank financial overhaul legislation. Now some business groups are considering new challenges to overturn other parts of the law.
One possible target is a rule that pays whistle-blowing bounties of as much as 30 percent of penalties paid for corporate wrongdoing. Another possible target is a rule designed to curb speculative trading in commodities.