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District Court Opinion: American Airlines Breached ERISA Fiduciary Duty by Allowing ESG Objectives to Influence Management of Plan Investments (PDF)
70 pages. "Based on the factual findings ... the Court concludes that Defendants acted disloyally by failing to keep American's own corporate interests separate from their fiduciary responsibilities, resulting in impermissible cross-pollination of interests and influence
on the management of the Plan. The most obvious manifestation of this is found in American's relationship with BlackRock. Because of American's corporate goals and as a complement to them, Defendants did not sufficiently monitor, evaluate, and address the potential impact of BlackRock's non-pecuniary ESG investing. Together, the influences of these non-Plan interests constituted a breach of loyalty, allowing BlackRock to engage
in ESG-oriented proxy voting and investment strategies using Plan assets." [Spence v. Am. Airlines, Inc., No. 23-0552 (N.D. Tex. Jan. 10, 2025)] MORE >>
U.S. District Court for the Northern District of Texas
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BenefitsLink® Retirement Plans Newsletter, ISSN no. 1536-9587.
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