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ESG Opponents Get Novel Win in American Airlines 401(k) Suit
Bloomberg; subscription required 
Jan. 13, 2025 "The airline breached its fiduciary duty of loyalty -- but not its fiduciary duty of prudence -- in allowing its $26 billion retirement plan to be influenced by corporate goals unrelated to workers' best financial interests, Judge Reed O'Connor ... said after a four-day, non-jury trial. The 2023 lawsuit, which says the airline wrongly offered 401(k) funds managed by companies that pursue ESG policy goals through proxy voting and shareholder activism, is the latest battle in the broader debate over socially conscious investing." [Spence v. Am. Airlines, Inc., No. 23-0552 (N.D. Tex. Jan. 10, 2025)] MORE >> |
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