Manufacturers’ Suit on Sidelined SEC Proxy Firm Rules Paused (1)

A federal judge halted the National Association of Manufacturers’ lawsuit to force the SEC to carry out Trump-era restrictions on proxy advisory firms’ ability to guide shareholders on votes at companies’ annual meetings.

Judge David Counts of the US District Court for the Western District of Texas administratively closed the case, a procedure that effectively stays the litigation, according to a Wednesday order. The move isn’t a disposition or dismissal of the case, the order said.

The Securities and Exchange Commission asked the judge to toss the case after it adopted rules in July that overturned regulations—targeting proxy firms ...