SEC faces expanded FOIA lawsuit over delays in Tesla, FTX, Bridgewater records

A federal judge has granted investor and data journalist Aaron Greenspan permission to significantly expand his Freedom of Information Act lawsuit against the U.S. Securities and Exchange Commission, adding twelve new claims centered on the agency’s handling of high-profile records requests.

In a March 29 ruling from the U.S. District Court for the District of Columbia, Judge Royce C. Lamberth approved Greenspan’s motion to amend his complaint. The newly added FOIA claims cover SEC communications and investigations involving Tesla, Bridgewater Associates, Meta Platforms, FTX, Gaotu Techedu, and Cramer & Co., among others. Greenspan also seeks records concerning internal emails from SEC officials and a reported database mishap revealed by Reuters in 2023.

The original complaint, filed in 2022, alleged that the SEC had failed to adequately respond to several FOIA requests, including those seeking the video of a 2019 deposition of Meta CEO Mark Zuckerberg and communications with Columbia Law School professor Joshua Mitts. Greenspan claims the SEC either stonewalled or only partially fulfilled its FOIA obligations, prompting him to pursue additional legal action.

The SEC opposed the motion to amend, arguing the new claims were available earlier and that expanding the case would cause undue delay and prejudice. The court disagreed, ruling that the new FOIA claims were closely tied to the original complaint and based on the same statutory framework. The case remains in early stages, with no discovery or dispositive motions filed, reducing concerns of prejudice.

However, the court denied Greenspan’s request to add a civil rights claim under 42 U.S.C. § 1983. That claim alleged that the SEC wrongfully closed a whistleblower tip Greenspan submitted about Tesla in 2021, reflecting alleged bias against pro se tipsters and short-sellers. Judge Lamberth ruled that the civil rights allegation introduced a different legal theory and set of facts that would “radically alter the scope and nature” of the FOIA-centered litigation.

The expanded complaint will now proceed with a wider range of FOIA claims, adding scrutiny to how the SEC handles requests for information on companies and cases of substantial interest to investors and market analysts. Although the court did not rule on the merits of any FOIA violation, the decision signals that claims of procedural misconduct by regulators may receive judicial attention—especially when tied to transparency in enforcement activity.

The case, Greenspan v. U.S. Securities and Exchange Commission, underscores the increasing use of FOIA by financial professionals, journalists, and independent researchers to access information that may shed light on regulatory priorities, enforcement delays, or behind-the-scenes decision-making at agencies that shape the financial markets.