"Oil, Business Groups Sue SEC Over Disclosure Rule"

"Oil industry groups and the U.S. Chamber of Commerce are asking a federal court to overturn new Securities and Exchange Commission rules that will force oil, gas and mining companies to disclose their payments to foreign governments."

"The lawsuit, filed Wednesday with the U.S. District Court for the District of Columbia, escalates a battle between industry and human rights groups over controversial transparency rules required under the 2010 Dodd-Frank financial reform law.

The American Petroleum Institute (API), U.S. Chamber and other groups say the regulators failed to justify what they call burdensome rules, and allege they will force companies to publicly disclose sensitive information."

Ben Geman reports for The Hill's E2 Wire blog October 10, 2012.

Source: Hill/E2 Wire, 10/11/2012