A Biden administration rule that allows employee retirement plans to consider environmental, social and governance issues in investment decisions survived a legal challenge by 26 states on Thursday.
Judge Matthew J. Kacsmaryk of U.S. District Court in Amarillo, Texas, said in a 14-page opinion that he would not block the rule, part of the so-called E.S.G.
investment trend that places emphasis on companies’ records on labor issues, social justice and environmental factors.
Judge Kacsmaryk’s opinion found fault with the lawsuit, filed in January by Republican-led states claiming that the rule violated the federal law governing retirement plans.
investing generally or ultimately agree with the rule to reach this conclusion,” Judge Kacsmaryk wrote.
Persons:
Biden, Judge Matthew J, Kacsmaryk, hadn’t, ” Judge Kacsmaryk
Organizations:
Republican
Locations:
U.S, Amarillo , Texas