A recent article in Ignites on the Department of Labor’s (DOL’s) Environmental, Social and Governance (ESG) Rule, now facing two lawsuits, highlighted Ropes & Gray’s client alert analyzing the challenges the rule continues to face.
One of the new lawsuits invokes the “major questions” doctrine from a 2022 Supreme Court decision, arguing the DOL has exceeded its authority because it is only permitted to exercise its authority with respect to “accounting, technical and trade terms.” The Ropes & Gray client alert notes the rule does not require plans to consider any ESG factors in selecting plan investments, demonstrating the DOL’s efforts to remain neutral on financial factors, including ESG.
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