As part of the Securities and Exchange Commission’s ongoing and evolving mission to enhance disclosures for investors, the SEC published final rules relating to climate-related disclosures for investors (final rules). When announcing the final rules on March 6, SEC Chair Gary Gensler stated, “These final rules build on past requirements by mandating material climate risk disclosures by public companies and in public offerings. The rules will provide investors with consistent, comparable, and decision-useful information, and issuers with clear reporting requirements.” Prior to adopting these final rules, the SEC reviewed more than 24,000 comment letters submitted in response to the proposed rules released in March 2022, according to the SEC’s press release on March 6.

During the public comment period, several parties filed petitions seeking judicial review of these new rules. These petitions were filed across six different circuits. On March 19, the SEC filed a notice of multicircuit petitions for review with the judicial panel on multidistrict litigation. On March 21, pursuant to 28 U.S.C. Section 2112(a)(3), the panel on multidistrict litigation issued an order consolidating the petitions for review in the U.S. Court of Appeals for the Eighth Circuit, which was selected via lottery system. The consolidated action includes petitions by:

  • 19 state attorneys general;
  • The U.S. Chamber of Commerce; and
  • The Ohio Bureau of Workers’ Compensation, along with the state attorneys general of Kentucky and Tennessee