American Airlines jets at Miami International Airport. Photo: J. Albert Diaz/ALM
In January, a federal judge in Texas ruled that American Airlines violated its ERISA duties by not focusing “on the best financial benefit” for its 401(k) plan, in the biggest victory yet in a case involving environment, social and governance (ESG) investing. This was quickly followed by a letter sent by a coalition of 22 Republican state finance officials to the acting heads of the Securities and Exchange Commission and the Department of Labor, citing that fiduciaries are breaching their duties with regard to ESG.
However, on Wednesday, a coalition of 17 Democratic city and state financial officials pushed back by sending a letter to Mark Uyeda, acting head of the SEC and Vince Micone, acting head of the DOL, urging the agencies to defend their commitment to protecting fiduciaries’ ability to exercise professional judgement and consider real long-term financial risks.
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