Biden administration seeks to dismiss lawsuit challenging ESG retirement plan rule

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The Biden administration on June 5 moved to dismiss a lawsuit brought against it by states challenging a Department of Labor rule on the use of ESG factors in investment-related decisions for retirement funds governed by the Employee Retirement Income Security Act of 1974 (ERISA). The states filed suit earlier this year, arguing that the new rule would put the retirement savings of millions of Americans at unnecessary risk.

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