Reported 1 day ago
A federal judge in Texas has ruled that American Airlines violated federal law by implementing environmental, social, and governance (ESG) criteria in investment decisions for its employee 401(k) retirement plan. Judge Reed O'Connor stated that the airline breached its legal responsibility to prioritize the financial interests of plan participants, influenced by its relationship with asset manager BlackRock. While the case highlights the backlash against socially conscious investing, O'Connor noted that American did not violate its administrative prudence as it met industry standards.
Source: YAHOO