UPDATE (April 1): Here's the latest challenge, filed today in federal court in Texas.

UPDATE UPDATE (4:36 P.M. EDT, 3/31/16): Now a second lawsuit has been filed, in federal court in Minnesota.

UPDATE (Approx. 8 A.M. EDT, 3/31/16): Boom! Here is what we believe is the first lawsuit challenging the rule, filed yesterday in federal court in Arkansas. The plaintiffs include trade associations, the Arkansas Chamber of Commerce, and a law firm that provides advice to employers in connection with union organizing campaigns.

According to news reports, the U.S. Department of Labor will be issuing this morning its long-awaited (and, for employers, long-dreaded) "Persuader Rule." The rule is expected to create an obligation for employers, attorneys, and consultants to report financial information related to "labor relations activity," expansively defined, and the information will become a matter of public record.

The American Bar Association and other organizations have expressed concern about the impact of the rule on attorney-client privilege.

I'll be "live-blogging" this today and will update with a copy of the rule once it's out. Meanwhile, here are some links to our prior coverage of this issue, by our excellent David Phippen:

Expansive Persuader Rule Should Be Imminent

New Persuader Regulations Are on the Way, Probably at the End of the Year

USDOL proposes expanded Persuader Rules (on the proposed rule, issued in 2011)

UPDATE (10:18 a.m. EDT): The Final Rule is out! It will take effect April 25, and will apply to all "arrangements, agreements, and payments made on or after July 1, 2016.

UPDATE (Noon EDT): Here is a bulletin from our Labor Relations co-chair, Cliff Nelson, and the head of our firm, Neil Wasser, discussing the implications of the rule for clients and what we can expect going forward.