At the conclusion of a four-day non-jury trial, Judge Reed O’Connor of the Northern District of Texas ruled that American Airlines violated Employee Retirement Income Security Act’s (ERISA) required duty of loyalty. It did so by filing its $26 billion 401(K) plan with asset managers that pursued ESG-related efforts as
Federal Judge rules American Airlines breached fiduciary duty over ESG-conscious investment
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The surprising outcome sends shockwaves through an industry whose enthusiasm for ESG has diminished in recent years.