21 States and D.C. Sue Trump Administration Over Rollback of Corporate Ownership Reporting Rules

Twenty-one U.S. states and the District of Columbia have sued the Trump administration, challenging its rollback of reporting requirements established under the 2021 Corporate Transparency Act. The lawsuit, filed in the U.S. District Court for the District of Oregon, argues that the administration's rule, which exempts most companies from disclosing beneficial ownership information, effectively guts the law aimed at combating illicit finance and money laundering.