BREAKING: The Fifth Circuit en banc, in an opinion by Judge Andrew Oldham, holds that the SEC acted unlawfully in approving a Nasdaq policy that forces corporate boards to implement an identity-based diversity quota that looks at race, sex, sexual orientation, and gender identity, or provide a written explanation for why they failed to meet the quota.
The opinion is technically complex, but elegant in sticking to just the law, walking through the history of the SEC. At its core, the opinion reasons that the SEC's legal authority is to ensure a fair and honest marketplace and not to force politically motivated identity politics into corporate decision making. Link to the full decision in the comments.
The opinion is technically complex, but elegant in sticking to just the law, walking through the history of the SEC. At its core, the opinion reasons that the SEC's legal authority is to ensure a fair and honest marketplace and not to force politically motivated identity politics into corporate decision making. Link to the full decision in the comments.
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