Major banks and business groups sued the Federal Reserve on Tuesday, alleging the U.S. central bank's annual "stress tests" of Wall Street firms violate the law.

Banking and business groups sued the Federal Reserve over the central bank’s annual stress tests, saying they’re seeking more transparency in how the rules are adopted.

Trade groups representing the largest U.S. banks on Tuesday filed suit in federal court to force more transparency in the U.S. Federal Reserve’s bank stress tests imposed after the 2008 global financial crisis,

The Federal Reserve may overhaul its annual stress tests for large U.S. banks to reduce the volatility of the results, but also make them more transparent. While the Fed did not o