Oxfam America expressed disappointment with the District Court’s decision on API v. SEC today, effectively vacating the SEC rules implementing the “Cardin-Lugar” provision of the 2010 Dodd-Frank Act. The underlying statute requiring disclosures still stands, but the SEC will now have to review the rules in light of the court’s findings. “Oxfam is disappointed that the Court did not side with transparency today, and we strongly disagree with its finding that the SEC had discretion to withhold companies' payment reports from the public,” said Ian Gary, Oxfam America’s senior policy manager of Oxfam America’s oil, gas and mining program….Also known as Section 1504, the law requires oil, gas and mining companies to disclose payments, such as taxes, they pay to foreign governments for the extraction of oil and minerals.