Over the past couple of weeks, there have been a pair of greenwashing lawsuits filed--by both private plaintiffs and government regulators--that highlight the current focus on consumer products as a centerpiece of...more
On September 1, 2021, the State of Texas enacted a law (SB 13) that constitutes one of the most far-reaching anti-ESG laws among the various states. It bars state institutions from investing in companies that “boycott”...more
Recently, Governor Newsom proposed that California delay the implementation of its recently-enacted climate disclosure laws for two years. The California legislature has effectively rejected this proposal by passing S.B....more
It has been reported that the Securities & Exchange Commission has disbanded its Climate & ESG Task Force. This same task force had been launched with great fanfare in March 2021, at the beginning of the Biden...more
Congressional Democrats have been exerting pressure on insurance regulators to integrate climate-related financial risks as part of their supervisory role; a letter was recently sent by Democratic members of the House and...more
Companies in Australia will soon have to abide by a set of significant climate disclosures aligned with the International Sustainability Standards Board guidelines. These disclosures, which will impose significant compliance...more
As of June 2024, Canada added certain provisions to its Competition Act that explicitly target the practice of greenwashing. In particular, according to the Canadian Competition Bureau, these amendments: (1) “requir[e] that...more
Last week, the Dutch central bank released a study that concluded that “[s]ince 2020, a clear price difference has emerged between the costs of borrowing for companies with relatively high carbon emissions and those with...more
Yesterday, Judge Bough (W.D. Mo.) issued a decision barring the recent anti-ESG rules Missouri had promulgated that prohibited investment advisers from utilizing ESG factors when making investment decisions (absent written...more
8/16/2024
/ Asset Management ,
Bars ,
Broker-Dealer ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Social & Governance (ESG) ,
Fourteenth Amendment ,
Investment ,
Investment Adviser ,
NSMIA ,
Securities and Exchange Commission (SEC) ,
SIFMA ,
Written Consent
On June 24, the State of Hawaii entered into a settlement agreement with a group of thirteen plaintiffs, all minor children, concerning the impact of climate change and the efforts the State of Hawaii would make to reduce its...more
On August 12, 2024, three Congressional Democrats (Casten (D-IL); Waters (D-CA); and Senator Whitehouse (D-RI)) sent a letter to the National Association of Insurance Commissioners (NAIC), inquiring as to “the status of the...more
Earlier this year, the SEC issued its long-awaited regulation concerning mandatory climate disclosures. As expected, this climate disclosure rule was immediately challenged in the courts by, among others, conservative states...more
A couple of weeks ago, a lawsuit brought by the State of Connecticut against a major fossil fuel company, alleging various violations of the consumer protection laws in Connecticut (specifically, the Connecticut Unfair Trade...more
About a month ago, one of the myriad climate change tort lawsuits brought by state and local governments against major fossil fuel producers was dismissed by a state court judge in Baltimore, Maryland. (These lawsuits have...more
Regulatory Updates -
Governor Newsom (D-CA) recently proposed a two-year delay to California’s sweeping new mandatory climate disclosures, which apply to all large companies—public or private—doing business in California....more
8/2/2024
/ Chevron Deference ,
Climate Change ,
Department of Labor (DOL) ,
Disclosure Requirements ,
Employee Retirement Income Security Act (ERISA) ,
Energy Sector ,
Environmental Litigation ,
Environmental Social & Governance (ESG) ,
Fossil Fuel ,
Loper Bright Enterprises v Raimondo ,
Popular ,
Regulatory Agenda ,
Sustainability
Governor Newsom has proposed that the implementation of California's mandatory climate disclosure laws--which apply to all companies doing business in California and earning more than $500 million in revenue--be delayed for...more
Last week, the Fifth Circuit Court of Appeals vacated and remanded the appeal from a lower court's decision upholding the Biden Administration's Department of Labor rule enabling ERISA plans to consider ESG factors, ordering...more
2 SEC Commissioner Peirce recently delivered a speech where she extensively criticized the recent emphasis on ESG among businesses, in particular the proliferation of mandatory ESG reporting frameworks. According to...more
Puerto Rico has become the latest governmental entity to launch a lawsuit against the major fossil fuel companies concerning tort claims related to climate change. These lawsuits have proliferated in state courts in recent...more
On June 4, 2024, a number of Congressional Democrats (10 Senators; 28 Congressmen) sent a letter to SEC Chairman Gensler, urging that the SEC “enforce existing SEC climate disclosure-related guidance” while the legal...more
On June 25, 2024, thirty-five Republican legislators, including seventeen senators and eighteen representatives, filed an amicus brief in the Eighth Circuit Court of Appeals in support of the pending challenge to the SEC’s...more
On June 4, 2024, a number of Congressional Democrats (10 Senators; 28 Congressmen) sent a letter to Chairman Gensler of the Securities & Exchange Commission, urging that the SEC “enforce[] [] existing SEC climate...more
Credit Agricole SA, the second-largest bank in France, will no longer participate in fossil fuel financing. Specifically, a spokesperson for this bank stated that it would “no longer participate in bond issuances for oil and...more
About five years ago, the New York City Council enacted Local Law 97, which imposes strict restrictions on greenhouse gas emissions for large buildings (25,000 square feet or larger), and assesses fines and penalties for...more
On Monday, June 3, 2024, the Eleventh Circuit of Appeals held that the “Fearless Strivers Grant Contest, an entrepreneurship funding competition open only to businesses owned by black women” was “substantially unlikely to...more