States sue to block DOL rule permitting ESG investing


Twenty-five states, two oil-services companies and an oil and natural gas advocacy group filed a lawsuit in U.S. District Court on Thursday against the Department of Labor seeking to prevent and overturn its rule permitting environmental, social and governance considerations in retirement investing, reports Chief Investment Officer.

The lawsuit, filed in the U.S. District Court for the Northern District of Texas, seeks to prevent the implementation of the DOL’s final rule regarding the use of ESG strategy in retirement investing.

The lawsuit claims the rule oversteps the DOLs statutory authority under the Employment Retirement Income Security Act of 1974 and seeks a preliminary injunction against it. Read the entire story.