Iowa v. Securities & Exchange Commission

Filing Year For Action

Ten petitions for review were filed in six circuit courts of appeal after the U.S. Securities and Exchange Commission (SEC) adopted a final rule requiring disclosures of climate-related information. Challenges to the final rule were filed by energy companies, business and industry groups, states, environmental organizations, and an organization that owns shares in companies subject to the rule and that frequently advocates to oppose efforts to advance resolutions related to climate change. The SEC submitted a notice of multicircuit petitions for review to the Judicial Panel on Multidistrict Litigation, which randomly selected the Eighth Circuit as the venue in which to consolidate the nine petitions.

Filing Year For Action

Filing Year For Action

Filing Year For Action

states that had intervened to defend the climate disclosure rules filed their opposition to the motion to lift abeyance. They argued that continuing to hold the case in abeyance while the SEC conducts its rulemaking process would be consistent with customary administrative practice. They also contended that maintaining the abeyance would not prejudice the petitioners since the rules would continue to be stayed. The states also argued that the court was not required to take action “based on SEC’s say-so” and that, in any event, the SEC had not conceded an APA violation. The intervenor states also argued that denying the motion to lift the abeyance would not result in an abeyance that exceeded abeyances in other cases.

On May 8, 2026, the petitioners challenging the SEC's climate disclosure rules filed a motion to lift the abeyance that the Eighth Circuit instituted in September 2025. The petitioners argued that the court should accept the SEC’s “concession” that the rules violate the Administrative Procedure Act (APA) and either vacate the rule and remand to the SEC or schedule oral argument.

In the proceedings challenging the U.S. Securities and Exchange Commission’s (SEC’s) 2024 climate disclosure rules, the SEC on May 7, 2026 informed the Eighth Circuit Court of Appeals that it had decided to reconsider the rules and had submitted a proposed rescission rule to the Office of Information and Regulatory Affairs for review. The SEC’s letter said the proposed rule would address legal and policy concerns about the rules, including concerns that they exceeded the SEC’s statutory authority and that the costs of the rules outweighed their benefits.

Filing Year For Action

Filing Year For Action

The Fifth Circuit Court of Appeals granted an administrative stay of the rule on March 15 in the case brought by two oilfield services companies; the Fifth Circuit then dissolved the stay after the Eighth Circuit was selected as the venue for the litigation.