WASHINGTON—Business groups sued the Securities and Exchange Commission on Thursday in a bid to reinstate some restrictions on firms that provide proxy-voting advice to shareholders of public companies.
The lawsuit—filed by the U.S. Chamber of Commerce, Business Roundtable and Tennessee Chamber of Commerce & Industry—argues the SEC failed to follow proper procedures in its decision earlier this month to roll back a set of new requirements on proxy-voting advisers. It followed a suit filed last week by the National Association of Manufacturers, which alleged the SEC failed to provide enough justification for the move.
