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Thursday, August 11, 2005

Appeals Court Stays Indy Rule

by: Theresa Sim

Trade organization the U.S. Chamber of Commerce has once again scored a win in the courtroom over the independent director issue.

The U.S. Court of Appeals for the District of Columbia has ordered the SEC to wait on the implementation of the rule, pending further review, reports the Wall Street Journal.

The court has ordered both sides in the case to provide final briefs by mid-November, with oral arguments following shortly.

A new wrinkle in the case is that both sides must address whether the SEC had authority to act on the court's earlier ruling before the court itself issued a mandate.  

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