News & Analysis as of

Environmental Social & Governance (ESG) Fiduciary Duty Asset Management

Troutman Pepper Locke

Texas Federal Court Allows an ERISA Fiduciary Challenge Against Alleged "ESG Investing" Without Any ESG Funds

Troutman Pepper Locke on

On January 10, 2025, in Spence v. American Airlines, a federal district court in Texas ruled that American Airlines (the company) and the committee overseeing its 401(k) plans (the committee) breached their duty of loyalty...more

K&L Gates LLP

Asset Management Regulatory Year in Review 2024

K&L Gates LLP on

2024 was a year of meaningful regulatory change for asset managers globally. The regulatory activity was wide ranging and without a particular unifying theme. In fact, the wide, and in cases diverging focuses of key global...more

Ropes & Gray LLP

Practical Takeaways from Spence v. American Airlines, Inc. for ERISA Plan Fiduciaries

Ropes & Gray LLP on

On January 10, 2025, Judge Reed O’Connor of the Northern District of Texas issued a much-anticipated ruling in Spence v. American Airlines, Inc., which marks the first time that a federal judge has written an on-the-merits...more

SEC Compliance Consultants, Inc. (SEC³)

October and November 2024 Regulatory Roundup

After its fiscal year-end frenzy in September, the SEC relaxed slightly, with no new rule-making and fewer enforcement actions. So, I took a break last month and combined the October and November Roundups. (You’re welcome.)...more

Ropes & Gray LLP

State ESG Update and Analysis for Asset Managers and Financial Institutions

Ropes & Gray LLP on

As we discussed in our white paper “ESG and Public Pension Investing in 2023: A Year-to-Date Recap and Analysis”, there was a surge in legislative activity in 2023 among red states curtailing the use of environmental, social...more

Foley Hoag LLP - White Collar Law &...

Tennessee v. BlackRock: How this Case Informs How We Look Back and Look Ahead at ESG

This is the final post in our 2024 Year in Preview series examining important trends in white collar law and investigations in the coming year... Politicians in Republican-led states have painted a target on environmental,...more

Mintz

Texas Court Rules ESG Lawsuit Against Employer's 401(k) Plan Can Proceed

Mintz on

Recently, a Texas federal court denied the defendants' motion to dismiss in a lawsuit featuring allegations that an employer's 401(k) plan, which allegedly relied on ESG principles when making investments, violated ERISA. ...more

Jenner & Block

Client Alert: Antitrust and ESG—How to Stay Ahead of the Game

Jenner & Block on

On May 15, 2023, 22 state attorneys general sent a letter to several insurance companies warning that the companies’ Environmental, Social, and Governance (ESG) policies may violate the antitrust laws. Just six weeks earlier,...more

Cadwalader, Wickersham & Taft LLP

Investors Accuse Large Asset Manager of Not Adequately Addressing Climate Risk

More than 1,400 individual investors have signed a letter asserting that a large U.S.-based asset manager is violating its fiduciary duty to mitigate climate-related investment risks....more

Cadwalader, Wickersham & Taft LLP

Launch of State Alliance Against “ESG Investing”

On March 16, 2023 the Republican governors of 19 states announced an alliance led by Florida Governor Ron DeSantis, to “push back against President Biden’s environmental, social, corporate governance (ESG) agenda that is...more

K&L Gates LLP

ESG Investing and Proxy Voting: DOL's New Final Rule

K&L Gates LLP on

Executive Summary: The Department of Labor released a final rule that addresses fiduciary duties when (1) considering ESG factors in selecting investments, and (2) considering whether and how to vote proxies, for plans...more

K2 Integrity

ESG Certification: Assisting in Mitigating Greenwashing for Investors, Managers, Funds and Regulators

K2 Integrity on

There have been numerous positive developments in the evolution of ESG investing. Still, the research needed to assess which investments are truly ESG-compliant and which are tantamount to greenwashing is burdensome...more

Morgan Lewis

Net Zero Asset Managers Initiative – Roadmap to a Compliant Commitment

Morgan Lewis on

While the Net Zero Asset Managers Initiative commitment (the NZAMI Commitment) is a clear signal to the market of an asset manager’s commitment to addressing the risks and challenges of climate change, it is a significant...more

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