Bloomberg Law
March 16, 2023, 6:05 PM

Nasdaq Diversity Challenger Cites Sixth Circuit Racehorse Ruling

Andrew Ramonas
Andrew Ramonas
Senior Corporate Disclosure Reporter

A conservative group is trying to use a recent federal appeals court decision upholding a racehorse anti-doping law to bolster its case that the SEC violated the Constitution when it backed board diversity rules from Nasdaq.

The Alliance for Fair Board Recruitment on Wednesday notified the US Court of Appeals for the Fifth Circuit of another appellate court’s ruling in Oklahoma v. United States, which affirmed the constitutionality of the Horseracing Integrity and Safety Act on March 3. The US Court of Appeals for the Sixth Circuit ruled in the case that the Federal Trade Commission has regulatory authority ...