A new European Union deal to force oil and mining companies to disclose payments to foreign governments has quickly surfaced across the Atlantic in ongoing litigation over similar U.S. requirements.
Oxfam America, in a letter to judges reviewing recent U.S. disclosure rules, says the E.U. deal undercuts the case that oil industry and business groups have brought against the U.S. mandates.
“Petitioners can hardly claim that the [Securities and Exchange Commission’s] analysis was unreasonable when the EU is poised to adopt similar measures,” states a letter Friday from Oxfam’s attorney to the U.S. Court of Appeals for the District of Columbia Circuit.
Oxfam has intervened in the lawsuit in defense of an SEC rule issued last year that’s required under the 2010 Dodd-Frank financial law.