The court-ordered stay of the SEC's new climate rules (discussed in our prior post here) has been lifted, at least for the time being. The stay was in effect for only a week and was lifted by the same court that imposed it, the United States Court of Appeals for the Fifth Circuit. The court lifted the stay in connection with the transfer of the case to the Eighth Circuit, which was assigned responsibility for reviewing the petition filed in the Fifth Circuit as well as similar petitions filed in other circuits. The court's order did not provide a rationale for the reversal. Interestingly, the order notes that one judge opposed the reversal.
The Eighth Circuit has the power to reimpose the stay, either on the same or different terms. Companies affected by the climate rules should continue to monitor the case for further developments.
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