The Department of Labor (DOL) is contesting a lawsuit filed by a coalition of 25 state attorneys general that challenged its 2022 ESG regulation.<\/p>\n
The lawsuit claims that the 2022 Rule \u201cundermines key protections for retirement savings of 152 million workers\u2014approximately two-thirds of the U.S. adult population and totaling $12 trillion in assets\u2014in the name of promoting environmental, social, and governance (\u2018ESG\u2019) factors in investing.\u201d<\/p>\n
The \u201cESG rule\u201d became effective on Jan. 30, 2023. The DOL had moved for a change in venue for the lawsuit (from the federal court in Texas to Washington, DC), but that was denied.\u201d<\/p>\n
The Labor Department asserted that \u201cthe rule is the product of reasoned decision making, and is not arbitrary and capricious.<\/p>\n
<\/span><\/p>","protected":false},"excerpt":{"rendered":" The Department of Labor (DOL) is contesting a lawsuit filed by a coalition of 25 state attorneys general that challenged its 2022 ESG regulation. The lawsuit claims that the 2022 Rule \u201cundermines key protections for retirement savings of 152 million … Continue reading