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TWIN RIVERS PAPER CO. LLC v. S.E.C.

No. 18-1213.

934 F.3d 607 (2019)

TWIN RIVERS PAPER COMPANY LLC, et al., Petitioners v. SECURITIES AND EXCHANGE COMMISSION, Respondent.

United States Court of Appeals, District of Columbia Circuit.

Decided August 16, 2019.

Attorney(s) appearing for the Case

Jane C. Luxton , Washington, DC, argued the cause and filed the briefs for petitioners.

Alan W. Bakowski , Atlanta, GA, was on the brief for amici curiae Public and Private Companies, Nonprofit Organizations, and Labor Union in support of petitioners.

Tracey A. Hardin , Assistant General Counsel, Securities and Exchange Commission, argued the cause for respondent. With her on the brief were Michael A. Conley , Solicitor, and Daniel E. Matro , Senior Counsel.

Eugene Scalia , Jacob T. Spencer , and Paul S. Stevens , Washington, DC, were on the brief for amici curiae Investment Company Institute and Independent Directors Council in support of respondent.

Before: Henderson, Rogers, and Katsas, Circuit Judges.

In 2018, the Securities and Exchange Commission adopted a rule allowing investment companies to post shareholder reports online and mail paper copies to shareholders upon request. The petitioners— a consumer-advocacy organization and representatives of the paper industry—argue that the SEC did not adequately...

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