Searching over 5,500,000 cases.


searching
Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.

Oxfam America, Inc. v. United States Securities and Exchange Commission

United States District Court, D. Massachusetts

September 2, 2015

OXFAM AMERICA, INC., Plaintiff,
v.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION, Defendant

          For 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, Washington, DC.

         For 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, Washington, DC.

Page 169

         MEMORANDUM AND ORDER

         Denise J. Casper, United States District Judge.

         I. Introduction

         Plaintiff Oxfam America, Inc. (" Oxfam" ) brings this action under the Administrative

Page 170

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, D. 23.

         II. Standard of Review

         The 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. 2009).

         III. Factual Background

         The facts are as represented in the parties' statements of material facts, D. 18 at 4-6; D. 25, to the extent they are not disputed.

         Dodd-Frank 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 . . . .

Page 171

Id. (quoting 15 U.S.C. ยง 78m(q)(2)(A)) (emphasis omitted). As such, the SEC's statutory deadline for promulgating a final disclosure rule was ...


Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.