Nasdaq Board-Diversity Plan Challenged in Court as ‘Unfair’ (1)

An opponent of affirmative action is challenging the U.S. Securities and Exchange Commission’s approval of a rule to get more women and minorities on the boards of companies trading on Nasdaq Inc.

The Alliance for Fair Board Recruitment, which has taken legal action against California over its requirement for corporate board diversity, filed a petition for a review of the SEC decision to a federal appeals court last week. Under the rule approved earlier this month, the boards of Nasdaq-listed companies must have at least one self-identified female and at least one underrepresented minority or LGBTQ person -- or ...