Shortly after the Securities and Exchange Commission’s approval, the Alliance for Fair Board Recruitment, led by affirmative action opponent Edward Blum, petitioned the 5th Circuit to review the legality of the Nasdaq rules. They argued that the rules were unconstitutional and violated the Exchange Act and the Administrative Procedure Act. The National Center for Public Policy Research, a right-wing think tank, also challenged the rule.
In response, Nasdaq expressed its satisfaction with the U.S. Court of Appeals for the Fifth Circuit’s decision to uphold the SEC’s approval of its board diversity disclosure rule. They stated their commitment to working with their companies in implementing this standard for corporate governance.
Edward Blum, known for his lawsuits against Harvard and the University of North Carolina, which resulted in the Supreme Court overturning race-conscious college admissions, expressed disappointment with the court’s decision. He vowed to continue fighting against what he sees as race discrimination in corporate America, stating that an appeal to a higher court will be filed soon.
The panel of judges hearing the case were all nominated by Democratic presidents. They concluded that the Alliance for Fair Board Recruitment and the National Center for Public Policy Research failed to provide sufficient evidence that the SEC’s Approval Order violated the Exchange Act or the Administrative Procedure Act.
This is a developing story and will be updated.
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