Securities and Exchange Commission Headquarters of the U.S. Securities and Exchange Commission in Washington, D.C. Photo: Diego M. Radzinschi/ALM

A manufacturing industry association and a Midland, Texas, energy company joined the fray in a long-running dispute with proxy advisory firms by filing suit against the U.S. Securities and Exchange Commission (SEC) in a San Antonio federal district court, accusing the agency of easing hard-fought regulations approved just two years ago.

The suit raises procedural issues, claiming the agency failed to follow federal process for policy revisions.

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