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Cooley LLP

BlackRock’s Latest Stewardship Report: 11% of Shareholder Proposals Supported Last Year

Cooley LLP on

Recently, BlackRock released its “2024 Investment Stewardship Annual Report” – here’s a 25-page executive summary. Here are six lessons learned – although note this is all about last year; not the latest proxy season...more

Paul Hastings LLP

Federal Court Determines American Airlines, Inc., 401(k) Plan Fiduciaries Breached Their ERISA Fiduciary Duty of Loyalty to...

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On January 10th, the United States District Court for the Northern District of Texas (the court) ruled that American Airlines, Inc. (American) and the American Airlines Employee Benefits Committee (together, the Defendants)...more

Miller Canfield

American Airlines Breaches Fiduciary Duty of Loyalty with BlackRock ESG Funds in 401(k) Plans

Miller Canfield on

Whether, and the extent to which, a plan fiduciary can consider nonpecuniary environmental, social and governance (“ESG”) objectives in selecting plan investments has been a hot-button issue for many years, with the view on...more

Mintz

Federal Court Rules ESG-Guided Investing of 401(k) Plan Is a Breach of Fiduciary Duty

Mintz on

Following a bench trial, Judge O'Connor (N.D. Tex.) held that “that Defendants breached their fiduciary duty by failing to loyally act solely in the retirement plan's best financial interests by allowing their corporate...more

Foley Hoag LLP - White Collar Law &...

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

Foley Hoag LLP - White Collar Law &... on

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

Cozen O'Connor

AG Skrmetti Sues BlackRock over ESG Investment Strategies

Cozen O'Connor on

Tennessee AG Jonathan Skrmetti filed a lawsuit against BlackRock, Inc. that accuses the world’s largest asset manager of violating state consumer protection laws by making false and misleading representations to consumers...more

Cadwalader, Wickersham & Taft LLP

Non-Profit Targets U.S.-Based Bank’s ESG Investment Strategies

Cadwalader, Wickersham & Taft LLP on

Consumers’ Research, a nonprofit organization claiming to challenge “companies that have chosen to put woke politics above consumer interests,” announced in June 2023 that it was launching a publicity campaign against a...more

Foley Hoag LLP - Environmental Law

Will More Money Managers Start Voting Shares Based on Climate Issues? Fidelity International Gets in the Game

Foley Hoag LLP - Environmental Law on

In the wake of Engine No.1’s successful effort to elect more climate-friendly directors at Exxon and the increasingly aggressive action by BlackRock to take climate into account in its investment management decisions, the...more

King & Spalding

ESG Agenda

King & Spalding on

BlackRock Doubles Down on Sustainability - • BlackRock signals substantially more assertive posture on climate-related issues • New approach to shareholder proposals saw BlackRock support 54% of environmental and social...more

Robins Kaplan LLP

Financial Daily Dose 1.21.2020 | Top Story: World Economic Forum Kicks Off in Davos

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As it kicked off its 50th annual gathering today, the World Economic Forum in Davos is facing some hard questions—both about the state of the ideals it has long espoused (“open borders, liberal democracy and free borders,” to...more

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