United States DC Circuit

The SEC, in promulgating a rule that requires an investment company to have a board 1) with no less than 75% independent directors and 2) an independent chairman, violated the Administrative Procedure Act by failing to adequately consider the costs mutual funds would incur in order to comply with the conditions.

Appellate Information

• Argued 04/15/2005
• Decided 06/21/2005
• Published 06/21/2005

Judges

• GINSBURG, Chief Judge., Before:  GINSBURG, Chief Judge, and ROGERS and TATEL, Circuit Judges.

Court

• United States DC Circuit

Counsel

• For Appellant:
  
• Eugene Scalia argued the cause for petitioner.   With him on the briefs were John F. Olson, Douglas R. Cox, Cory J. Skolnick, Stephen A. Bokat, and Robin S. Conrad.


• For Appellees:
  
• Giovanni P. Prezioso, General Counsel, Securities & Exchange Commission, argued the cause for respondent.   With him on the brief were Meyer Eisenberg, Deputy General Counsel, Jacob H. Stillman, Solicitor, and John W. Avery, Special Counsel.