A coalition of seventeen Republican-led states filed an amicus brief in support of a challenge against the Nasdaq for a set of diversity rules for corporate boards of directors that were approved by the Securities and Exchanges Commission last August. The amicus brief (pdf), which was filed by Arizona, Alabama, and other 15 red states in the U.S. Court of Appeals for the 5th Circuit on Monday, includes a litany of alleged abuses, including violations of the equal protection clause of the Constitution, infractions against traditional state jurisdictions, and an overreach of the Security and Exchange Commission’s authority. The challenge is led by the Alliance for Fair Board Recruitment (AFFBR), an organization dedicated to “promoting[ing] the recruitment of corporate board members without regard to race, ethnicity, sex and sexual identity.” The organization previously challenged similar laws passed by California in 2018 and 2020. The rules in dispute require all companies listed on …
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