Four business groups on Wednesday filed a lawsuit against the U.S. Securities and Exchange Commission's new rule requiring oil, mining and gas companies to disclose payments they make to foreign governments. In the latest legal challenge to a rule required by the 2010 Dodd-Frank Wall Street reform law, the groups including the Chamber of Commerce and the American Petroleum Institute allege that the SEC failed to properly weigh the rule's costs and benefits. The suit also claims that the SEC "grossly misinterpreted its statutory mandate" in how it crafted the rule, and in doing so created a regulation that violates companies' First Amendment rights. SEC spokesman John Nester said the agency is still reviewing the lawsuit, but the agency believes it is on solid legal footing. "We believe our legal interpretation and economic analysis are sound and we look forward to defending the rule that Congress directed us to write," Nester said. The challenge to
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