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Half of All States Sue DOL Over ESG Rule, Foreshadowing Challenges to the SEC's ESG Agenda
Katten Muchin Rosenman LLP 
Feb. 7, 2023 "[T]wenty-five states, plus a publicly traded energy company with a subsidiary that is a fiduciary and trustee under ERISA, a trade association for the oil and gas industry, and a participant in an ERISA plan sued the [DOL] ... in connection with DOL's recent ESG rulemaking.... The suit ... alleges that the Rule conflicts with ERISA ... because it 'contravenes ERISA's clear command that fiduciaries act with the sole motive of promoting…financial interests' by permitting reference to ESG considerations." [Utah v. Walsh, No. 223-00016, (N.D. Tex. complaint filed Jan. 26, 2023)] |
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