WASHINGTON—A trio of business groups led by the U.S. Chamber of Commerce sued the Securities and Exchange Commission Friday to block new rules requiring public companies to disclose more information about their stock buybacks.
The lawsuit, filed in a conservative appeals court favored by industry groups fighting government regulation, is one of the first legal challenges to SEC Chair Gary Gensler’s rule-making agenda. Wall Street is gearing up for a protracted battle against its main regulator as Mr. Gensler moves toward adopting dozens of rules opposed by the industry.
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