McLAUGHLIN, Circuit Judge:
The plaintiffs, New York City Employees' Retirement System ("NYCERS") and two other institutional investors, sued the Securities and Exchange Commission ("SEC") in the United States District Court for the Southern District of New York (Kimba M. Wood, Judge), to enjoin the SEC from violating section 553(b) of the Administrative Procedure Act ("APA"). See 5 U.S.C. § 553(b). The lawsuit stemmed from an SEC "no-action" letter...
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