News & Analysis as of

Retirement Plan Environmental Social & Governance (ESG) Financial Services Industry

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

A&O Shearman

Texas District Court ESG ruling has broader implications for ERISA plan fiduciaries

A&O Shearman on

On January 10, 2025, the U.S. District Court for the Northern District of Texas (the “Court”) held, in Spence v. American Airlines, Inc., that American Airlines (“American”) and the American Airlines Employee Benefits...more

Mayer Brown

The Pensions Brief - July 2024

Mayer Brown on

ESG – compliance review findings - The Pensions Regulator (TPR) has published the findings from its review of how trustees are complying with their wider ESG duties. The review concludes that while 99% of trustees of...more

Mintz

Oklahoma Judge Temporarily Blocks Law Penalizing Companies Engaged in Fossil Fuel Boycott

Mintz on

Earlier this week, a state court judge in Oklahoma issued a temporary restraining order that blocks--for now--enforcement of an Oklahoma law that deprives companies deemed to boycott the fossil fuel industry of the ability to...more

Morgan Lewis

The ESG Investing Debate: 2023 Year-end Updates

Morgan Lewis on

Environmental, social, and governance (ESG) investing has been subject to increased US state and federal regulation over the last several years, and 2023 continued that status quo. As of January 1, 2024, 20 states have...more

Cadwalader, Wickersham & Taft LLP

Texas Federal Judge: DOL ESG Investing Rule Does Not Violate ERISA

On September 21, 2023, a Texas federal court dismissed an action commenced by more than two dozen Republican state attorneys general challenging a 2022 Department of Labor (DOL) Rule that addressed consideration of ESG...more

Cadwalader, Wickersham & Taft LLP

American Airlines Moves to Dismiss Suit Challenging Inclusion of ESG Funds in Retirement Plan

In August 2023, American Airlines, Inc. moved to dismiss a class action lawsuit filed against the airline for allegedly jeopardizing employees’ retirement savings by investing in environmental, social and governance (ESG)...more

Nossaman LLP

Federal Court Rejects States’ Challenge to DOL’s ESG Investing Rule

Nossaman LLP on

On September 21, 2023, a federal judge in Texas granted summary judgment in, and thus dismissed, a lawsuit filed by the Attorneys General of 25 states and other interested parties challenging a final rule issued by the U.S....more

Cadwalader, Wickersham & Taft LLP

Republicans Reintroduce House Bill to Limit ESG Considerations in Retirement Investing

On June 21, two Republican members of Congress renewed efforts to enact legislation that arguably would restrict investment managers from taking into account ESG considerations in investing on behalf of retirement funds. U.S....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Coalition pushes against ESG funds

19 states, led by Florida’s Republican Governor Ron DeSantis, signed an open letter declaring their opposition to the use of environmental, social, and governance factors (ESG) in government investing and outlined legislative...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Biden vetoes ESG proposal overturn

If your Department of Labor (DOL) proposes a rule, as President, you’re not likely to throw them under the bus and overrule them. In a move that surprised no one, President Joe Biden used his first veto to preserve a...more

Cadwalader, Wickersham & Taft LLP

Kansas Public Employees Retirement System Warns of Adverse Consequences From “Anti-ESG” Bills

Earlier this month, the Kansas Public Employees Retirement System (KPERS) urged legislators to reject key aspects of “anti-ESG” bills introduced in the Kansas Senate and House of Representatives. Both bills are designed, in...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Hate ESG funds? Don’t offer them

The ESG rule issued by the Department of Labor (DOL) has incensed anyone who believes that the selection of retirement plan investments should be based solely on total return. It’s incensed 25 state attorney generals to sue...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The thing about ESG

While the Biden administration’s Department of Labor (DOL) final environmental, social, and governance (ESG) rule went into effect, I think it’s much to do about nothing....more

A&O Shearman

DOL Finalizes ESG Rule for ERISA Plan Fiduciaries

A&O Shearman on

The Department of Labor (the DOL) has released its final rule clarifying how and when ERISA fiduciaries may consider ESG factors in making investment decisions for a plan. The rule also offers substantial guidance on the...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

DOL releases final ESG Rule

On November 22, the Department of Labor (DOL) released its final rule for retirement plan fiduciaries wishing to incorporate environmental, social, and governance (ESG) factors into their investment selection and monitoring...more

Cadwalader, Wickersham & Taft LLP

DOL Issues Final Rule Amending Investment Duties Regulation – Provides New Guidance on Consideration of ESG Factors in Plan...

On November 22, the United States Department of Labor (“DOL”) released its final rule (the “Final Rule”) adopting certain revisions to its investment duties regulation under ERISA at 29 CFR Section 2550.404a-1 (the “Section...more

Morgan Lewis - ML Benefits

US Department of Labor Gives a Green Thumbs Up to ESG

The US Department of Labor (DOL) released the Final ESG Rule on November 22, 2022, regulating the consideration of environmental, social, and governance (ESG) factors by fiduciaries of employee benefit plans subject to the...more

Proskauer - Employee Benefits & Executive...

DOL’s Latest ESG Proposal: The More Things Change, the More They Stay the Same

On October 14, 2021, the U.S. Department of Labor’s Employee Benefits Security Administration (the “DOL”) published in the Federal Register a new proposed regulation (the “Proposed Rules”) on fiduciary responsibility in...more

McGlinchey Stafford

SEC’s 2021 Examination Priorities Focus On Fintechs And Sustainability

McGlinchey Stafford on

In March, the Securities and Exchange Commission (SEC)’s Division of Examinations announced its 2021 examination priorities. The SEC has committed to focusing its investigations on, among other issues, “attendant risks...more

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