United States District Court, D. Massachusetts
Oxfam America, Inc., Plaintiff: Jonathan Kaufman, Richard
Herz, LEAD ATTORNEYS, PRO HAC VICE, EarthRights
International, Washington, DC; Michelle Harrison, LEAD
ATTORNEY, EarthRights International, Washington, DC; Derek B.
Domian, Richard J. Rosensweig, Goulston & Storrs, PC, Boston,
MA; Howard M. Crystal, Meyer Glitzenstein & Crystal,
Securities & Exchange Commission, Defendant: Richard M.
Humes, Thomas J. Karr, LEAD ATTORNEYS, Office of the General
Counsel, U.S. Securities and Exchange Commission, Washington,
DC; Sarah E Hancur, U.S. Securities and Exchange Commission,
J. Casper, United States District Judge.
Oxfam America, Inc. (" Oxfam" ) brings this action
under the Administrative
Procedure Act (" APA" ), 5 U.S.C. § 706(1),
against Defendant United States Securities and Exchange
Commission (" SEC" ), to compel the SEC to
promulgate a final extraction payments disclosure rule
(" final disclosure rule" ) implementing Section
1504 of the Dodd-Frank Wall Street Reform and Consumer
Protection Act, Pub. L. No. 111-203, 124 Stat. 1376, 2220-22
(" Section 1504" and " Dodd-Frank" ). D.
1. The parties have filed cross motions for summary judgment.
D. 17; D. 23. For the reasons stated below, the Court ALLOWS
Oxfam's motion, D. 17, and DENIES the SEC's motion,
Standard of Review
Court grants summary judgment where there is no genuine
dispute as to any material fact and the undisputed facts
demonstrate that the moving party is entitled to judgment as
a matter of law. Fed.R.Civ.P. 56(a). " A fact is
material if it carries with it the potential to affect the
outcome of the suit under the applicable law."
Santiago--Ramos v. Centennial P.R. Wireless Corp.,
217 F.3d 46, 52 (1st Cir. 2000) (quoting Sánchez
v. Alvarado, 101 F.3d 223, 227 (1st Cir. 1996)). The
movant bears the burden of demonstrating the absence of a
genuine issue of material fact. Carmona v. Toledo,
215 F.3d 124, 132 (1st Cir. 2000); see Celotex v.
Catrett, 477 U.S. 317, 323, 106 S.Ct. 2548, 91 L.Ed.2d
265 (1986). If the movant meets its burden, the non-moving
party may not rest on the allegations or denials in her
pleadings, Anderson v. Liberty Lobby, Inc., 477 U.S.
242, 256, 106 S.Ct. 2505, 91 L.Ed.2d 202 (1986), but "
must, with respect to each issue on which she would bear the
burden of proof at trial, demonstrate that a trier of fact
could reasonably resolve that issue in her favor."
Borges ex rel. S.M.B.W. v. Serrano--Isern, 605 F.3d
1, 5 (1st Cir. 2010). " As a general rule, that requires
the production of evidence that is 'significant[ly]
probative.'" Id. (quoting Anderson, 477
U.S. at 249) (alteration in original). The Court "
view[s] the record in the light most favorable to the
nonmovant, drawing reasonable inferences in his favor."
Noonan v. Staples, Inc., 556 F.3d 20, 25 (1st Cir.
facts are as represented in the parties' statements of
material facts, D. 18 at 4-6; D. 25, to the extent they are
became law on July 21, 2010. D. 25 ¶ 1. Section 1504 of
Dodd-Frank amends the Securities Exchange Act of 1934 to
require " publicly traded oil, gas, and mining
companies," or " resource extraction issuers,"
to disclose payments made to foreign governments or the
federal government for the commercial development of oil,
natural gas or minerals. D. 18 at 4. Under Dodd-Frank, these
disclosures must be made in annual reports to the SEC.
Id. Section 1504 requires the SEC to issue a rule
implementing the new disclosure requirements. Id.
Specifically, Section 1504 provides that:
Not later than 270 days after the date of enactment of the
Dodd-Frank Wall Street Reform and Consumer Protection Act,
the Commission shall issue final rules that require each
resource extraction issuer to include in an annual report of
the resource extraction issuer information relating to any
payment made by the resource extraction issuer, a subsidiary
of the resource extraction issuer, or an entity under the
control of the resource extraction issuer to a foreign
government or the Federal Government for the purpose of the
commercial development of oil, natural gas, or minerals . . .
Id. (quoting 15 U.S.C. § 78m(q)(2)(A))
(emphasis omitted). As such, the SEC's statutory deadline
for promulgating a final disclosure rule was ...