"The case will almost certainly focus more attention on the proxy voting policies and procedures of ERISA plans, and the extent to which the managers of funds in which ERISA plans invest are attempting to pursue ESG objectives through proxy voting and other types of shareholder activism. However, it appears unlikely that the case will prompt a wave of ERISA class actions by plaintiffs' attorneys in the absence of a coherent nexus between a fund manager's consideration of ESG factors and a loss to the plan." [Spence v. Am. Airlines, Inc., No. 23-0552 (N.D. Tex. Sep. 30, 2025)]  MORE >>