New Jersey Joins Multistate Lawsuit Challenging Trump Administration's Corporate Ownership Reporting Rule

New Jersey Attorney General Jennifer Davenport announced that the state has joined a coalition of 21 attorneys general in a federal lawsuit. The lawsuit challenges a Trump administration rule issued in August 2026 that exempts nearly all businesses from reporting their ownership information to the federal government, effectively undermining the Corporate Transparency Act. The states argue that this action hinders law enforcement's ability to investigate financial crimes like money laundering and tax evasion.