ALLIANCE FOR FAIR BOARD RECRUITMENT v. SEC

No. 21-60626.

85 F.4th 226 (2023)

ALLIANCE FOR FAIR BOARD RECRUITMENT; National Center for Public Policy Research, Petitioners, v. SECURITIES AND EXCHANGE COMMISSION, Respondent.

United States Court of Appeals, Fifth Circuit.

FILED October 18, 2023.


Attorney(s) appearing for the Case

Jonathan Berry , R. Trent McCotter , Boyden Gray, P.L.L.C., Washington, DC, for Petitioner Alliance for Fair Board Recruitment.

Margaret A. Little , New Civil Liberties Alliance, Washington, DC, Sheng Tao Li , Washington, DC, for Petitioner National Center for Public Policy Research.

Daniel Matro , Tracey A. Hardin , John Robert Rady , Senior Counsel, U.S. Securities & Exchange Commission, Washington, DC, for Respondent.

Allyson Newton Ho , Seth D. Berlin , Paulette Miniter , Gibson, Dunn & Crutcher, L.L.P., Dallas, TX, Seth D. Berlin , Ballard Spahr, L.L.P., Washington, DC, Stephen J. Kastenberg , Paul Lantieri, III , Ballard Spahr, L.L.P., Philadelphia, PA, Joanne Pedone , John Yetter , John Zecca , Nasdaq, Incorporated, Rockville, MD, Amalia Elizabeth Reiss , Amir Cameron Tayrani , Gibson, Dunn & Crutcher, L.L.P., Washington, DC, for Intervenor Nasdaq Stock Market, L.L.C.

Drew C. Ensign , Deputy Solicitor General, Drew C. Ensign, P.L.L.C., Phoenix, AZ, for Amici Curiae State of Arizona, State of Alabama, State of Alaska, State of Arkansas, State of Florida, State of Indiana, State of Kansas, State of Kentucky, State of Louisiana, State of Mississippi, State of Missouri, State of Montana, State of Nebraska, State of Oklahoma, State of South Carolina, State of Texas, State of Utah.

Marc Wolinsky , Getzel Berger , Elaine Patricia Golin , Carrie M. Reilly , Kevin S. Schwartz , Wachtell, Lipton, Rosen & Katz, New York, NY, for Amici Curiae Nonpartisan Group of Academics, Practitioners in the Field of Corporate Goverance.

Steven Shepard , Susman Godfrey, L.L.P., New York, NY, for Amici Curiae Council of Institutional Investors, Investment Adviser Association, Northern Trust Investments, Incorporated, Ariel Investments, L.L.C., Boston Trust Walden Company, Lord, Abbett & Company, L.L.C., Gaingels, Incorporated, Robert F. Kennedy Center for Justice & Human Rights.

Pratik A. Shah , Akin Gump Strauss Hauer & Feld, L.L.P., Washington, DC, for Amicus Curiae Ad Hoc Coalition of Nasdaq-Listed Companies.

Brian Matthew Hauss , American Civil Liberties Union Foundation, New York, NY, for Amicus Curiae American Civil Liberties Union, Incorporated.

Aaron Michael Streett , Elisabeth Catherine Butler , Baker Botts, L.L.P., Houston, TX, for Amicus Curiae Financial Industry Regulatory Authority, Incorporated.

Jeffrey B. Dubner , Democracy Forward Foundation, Washington, DC, Karen Lee Loewy , Lambda Legal Defense & Education Fund, Washington, DC, Peter C. Renn , Lambda Legal Defense & Educational Fund, Incorporated, Los Angeles, CA, for Amicus Curiae Academic Experts in the Fields of Business, Management, and Economics.

Before Stewart, Dennis, and Higginson, Circuit Judges.


The "fundamental purpose" of the Securities Exchange Act of 1934 (Exchange Act), codified as amended at 15 U.S.C. § 78a et seq., is to enforce "a philosophy of full disclosure ... in the securities industry." Affiliated Ute Citizens of Utah v. United States, 406 U.S. 128

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