In a Washington Post article, employee benefits partner Joshua Lichtenstein, head of the firm’s ERISA fiduciary practice, discussed the federal court challenge by 25 Republican attorneys general to the Biden administration U.S. Department of Labor climate investing rule.
Joshua notes that a lot of the opposition to the rule, including the lawsuit, is premised on the idea that the Biden administration is willing to accept lesser financial returns in exchange for advancing ESG goals. Joshua said the rule specifically bans fund managers from prioritizing social goals over earnings.
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