5th Circuit Finds SEC Did Not Justify Rescinding Proxy Voting Rules

( June 27, 2024, 4:29 PM EDT) -- NEW ORLEANS — The Securities and Exchange Commission acted arbitrarily and capriciously in 2022 when it rescinded a 2020 rule regulating proxy voting advice, a Fifth Circuit U.S. Court of Appeals panel held June 26, reversing a Texas federal judge’s grant of summary judgment in the SEC’s favor in a complaint brought by two business associations that argued the commission did not provide enough of an explanation for the course change....