A coalition of Republican-led states has asked a federal judge to block a Biden administration rule allowing retirement plans to consider environmental, social and corporate governance (ESG) factors in selecting investments pending the outcome of their legal challenge.
The 25 states in a motion filed in Amarillo, Texas federal court on Tuesday said the rule, which took effect Jan. 30, could lead to millions of Americans losing retirement investments and harm states' finances.violates the federal law regulating employee benefit plans by allowing them to focus on social issues rather than long-term financial stability.
A subsidiary of oil drilling company Liberty Energy Inc and an oil and gas trade group are also plaintiffs in the case.The Biden administration has moved to transfer the lawsuit to a different court, accusing the states of engaging in judge shopping.
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