Author: James McAllister
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New York Supreme Court could hear case opposing ESG investment by NYC pension plans
Four New York City employees, with the help of nonprofit legal organization Americans for Fair Treatment, filed a lawsuit in May opposing New York City pension plans’ environmental investment considerations. The court, according to E&E News, could be the first to hear a legal claim against investment managers who consider ESG. Ballotpedia tracks support for…
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Pensioner sues Oklahoma over ESG restrictions
Former Oklahoma state employee Don Keenan is suing the state, alleging that the Oklahoma law prohibiting state contracts with financial firms that boycott oil, gas, and other types of companies violates the U.S. Constitution and federal law. Keenan says he thinks oil and gas are important economically but argues the law, in his view, imposes…
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U.S. weekly unemployment insurance claims rise to 218,000
New applications for U.S. unemployment insurance benefits rose 7,000 for the week ending Nov. 25 to a seasonally adjusted 218,000. The previous week’s figure was revised up by 2,000 to 211,000. The four-week moving average as of Nov. 11 fell 500 from the previous week’s revised average to 220,000. The number of continuing unemployment insurance…
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Oklahoma pension system pushes back against treasurer’s ESG opposition
The Oklahoma Public Employees’ Retirement System (OPERS) recently voted to continue contracting with BlackRock and State Street—the managers of most of the state’s pension assets. Oklahoma Treasurer Todd Russ (R) published a letter arguing against the decision and saying it could violate state laws opposing ESG. OPERS last week responded to Russ’ letter with a…
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U.S. weekly unemployment insurance claims rise to 231,000
New applications for U.S. unemployment insurance benefits rose 13,000 for the week ending Nov. 11 to a seasonally adjusted 231,000. The previous week’s figure was revised up by 1,000 to 218,000. The four-week moving average as of Nov. 11 rose 7,750 from the previous week’s revised average to 220,250. The number of continuing unemployment insurance…
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House Republicans continue pushback against ESG considerations in retirement plans
House Republicans again pushed back on the Biden administration’s rule allowing ESG considerations in investments governed by the Employee Retirement Income Security Act of 1974 (ERISA). The House Ways and Means Committee held a hearing on the matter on November 7. The Republicans on the committee released a statement after the hearing arguing that, in…
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House Judiciary Committee subpoenas ESG supporters
The House Judiciary Committee last week subpoenaed certain organizations that support ESG to investigate whether the groups have violated antitrust laws, according to the committee. The first subpoena went to As You Sow, which the committee said did not respond to previous voluntary requests for documents and information. The committee also subpoenaed the Glasgow Financial…
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State attorneys general appeal challenge to labor department’s ESG rule
The state attorneys general who sued the Biden administration to overturn its rule allowing ESG considerations in Employee Retirement Income Security Act of 1974 (ERISA)-governed pension plans filed an appeal on October 26. The case was previously thrown out in a federal district court. Ballotpedia tracks support for and opposition to the environmental, social, and…