News & Analysis as of

Investment Employee Retirement Income Security Act (ERISA) Corporate Counsel

Ogletree, Deakins, Nash, Smoak & Stewart,...

DOL Plans to Replace ESG Rule for Retirement Plan Fiduciaries

The U.S. Department of Labor (DOL) indicated in court documents that it intends to begin new rulemaking to replace a previous rule that permitted 401(k) plan fiduciaries to consider environmental, social, and governance (ESG)...more

A&O Shearman

ESG Investing Takes A Blow In Texas Federal Court

A&O Shearman on

On January 10, 2025, Judge Reed O’Connor of the United States District Court for the Northern District of Texas ruled, following a four-day bench trial, that an airline breached ERISA fiduciary duties when investing...more

Mintz

Federal Judge Certifies Class Objecting to ESG Investments by Retirement Fund

Mintz on

On May 22, 2024, Judge O'Connor (N.D. Tex.) ordered that the plaintiffs claiming that investment managers breached their fiduciary duty due to their ESG-focused investing be certified as a class for purposes of the...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

Proskauer - Employee Benefits & Executive...

Special DOL Proxy Voting Rules Set to Take Effect on December 1, 2023 – Potential Action Items for ERISA Plan Fiduciaries

In late 2022, the U.S. Department of Labor (the “DOL”) issued final regulations (the “Final Rules”) which address the extent to which ERISA plan fiduciaries may consider environmental, social and governance (“ESG”) factors...more

Proskauer - Employee Benefits & Executive...

Wisconsin District Court Rulings Signal Potential New Trend Favoring the Defense of ERISA Fee and Investment Performance Lawsuits

In a striking reversal of approach beginning in the summer of 2022, the District Court for the Eastern District of Wisconsin went from denying, in whole or in part, virtually every motion to dismiss ERISA lawsuits targeting...more

Mintz

Department of Labor Enables Consideration of ESG Factors in ERISA Investments

Mintz on

Yesterday, the Department of Labor "released a final rule under the Employee Retirement Income Security Act (ERISA) . . . [that] clarif[ied] that fiduciaries may consider climate change and other environmental, social, and...more

Proskauer - Employee Benefits & Executive...

Eighth Circuit Joins Growing Number of Courts Rejecting Common ERISA Fee and Investment Claims

In Matousek v. MidAmerican Energy Co., 2022 WL 6880771, __ F.4th __ (8th Cir. 2022), the Eighth Circuit joined the Sixth and Seventh Circuits in affirming dismissal of ERISA breach of fiduciary duty claims alleging that the...more

McDermott Will & Schulte

A Light in the Dark: Seventh Circuit Helps Clarify New Pleading Standards for 401(k) Fee Cases

A recent US Court of Appeals for the Seventh Circuit case supplies answers to many questions left open in 401(k) fee litigation cases after the US Supreme Court’s ruling earlier this year in Hughes v. Northwestern University....more

Proskauer - Employee Benefits & Executive...

Sixth Circuit Rejects Arbitration for Proposed Fiduciary Breach Class Action

The Sixth Circuit, in a matter of first impression for that Circuit, held an arbitration clause contained in an individual employment agreement did not apply to ERISA fiduciary breach claims brought on behalf of a defined...more

Faegre Drinker Biddle & Reath LLP

DOL Issues Guidance on Private Equity Investments in 401(k) Plans

The Department of Labor (DOL) recently issued guidance in the form of an Information Letter describing the process that plan fiduciaries should undertake in determining whether an investment fund having a private equity...more

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