Categories: Finance and Commerce

American Airlines broke the law by focusing on ESG in 401(k) plans: judge

“The evidence made clear that American’s incestuous relationship with BlackRock and its own corporate goals disloyally influenced administration of the Plan,” wrote O’Connor, an appointee of Republican former President George W. Bush.

BlackRock was not involved in the lawsuit.

A federal judge in Texas on Friday said American Airlines violated federal law by basing investment decisions for its employee retirement plan on environmental, social, and other non-financial factors.

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Greg Smith

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Greg Smith

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