On April 7, the U.S. Court of Appeals for the D.C. Circuit held that the Securities and Exchange Commission violated the Administrative Procedures Act when it relied on “extra-record” material relating to cost estimates when it readopted two controversial mutual fund governance rules in June 2005.

This was the second appellate opinion in an ongoing dispute between the U.S. Chamber of Commerce and the SEC over the SEC’s authority to enact governance rules that would radically alter corporate boardrooms.

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