In June 2023, Mintz published an article entitled “A Quantitative Analysis of Comment Letters Issued by the SEC Concerning Climate Change Disclosures” (the June 2023 Article), which analyzed the comment letters related to...more
2/20/2025
/ Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
EDGAR ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
Greenwashing ,
Publicly-Traded Companies ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Sustainability
In a development that could hardly be termed unexpected, the Trump Administration SEC has begun the process of unraveling the climate disclosure rule promulgated by the SEC under the Biden Administration. Specifically, the...more
Over the past several weeks, each of the major US banks have announced their withdrawal from the Net Zero Banking Alliance (presumably in response to the policy priorities of the second Trump Administration). Although...more
Following a bench trial, on January 10, 2025, Judge Reed O’Connor of the US District Court of the Northern District of Texas held that the managers of a company’s 401(k) retirement plans had breached their fiduciary duty by...more
Judge Wright (C.D. Cal.) has significantly narrowed the Chamber of Commerce's lawsuit challenging California's climate disclosure laws. (These disclosure laws mandate disclosure of Scope 1, Scope 2, and Scope 3 greenhouse...more
2/7/2025
/ California ,
Chamber of Commerce ,
Climate Change ,
Compliance ,
Constitutional Challenges ,
Corporate Counsel ,
Disclosure Requirements ,
First Amendment ,
Greenhouse Gas Emissions ,
Interstate Commerce ,
Regulatory Requirements ,
State and Local Government ,
Supremacy Clause
Following a bench trial, Judge O'Connor (N.D. Tex.) held that “that Defendants breached their fiduciary duty by failing to loyally act solely in the retirement plan's best financial interests by allowing their corporate...more
1/13/2025
/ 401k ,
BlackRock ,
Breach of Duty ,
Corporate Governance ,
Duty of Loyalty ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Social & Governance (ESG) ,
Fiduciary Duty ,
Investment ,
Investment Management ,
Retirement Plan ,
Sustainability
Regulatory Updates -
There have been a couple of noteworthy developments in recent weeks concerning the mandatory climate disclosure regime enacted by California. These developments relate to SB 253 and SB 261, which...more
1/8/2025
/ Antitrust Provisions ,
California ,
Climate Change ,
Damages ,
Disclosure Requirements ,
Environmental Litigation ,
Environmental Policies ,
Fossil Fuel ,
Greenhouse Gas Emissions ,
Montana ,
State Attorneys General ,
Sustainability
On December 18, 2024, the Montana Supreme Court issued a ruling upholding a lower state court's decision that, under Montana's constitution, there is a “fundamental constitutional right to a clean and healthful environment...more
On November 19, 2024, the EU Council adopted a new regulation on ESG ratings, which “aim[s] at making rating activities in the EU more consistent, transparent, and comparable in order to boost investors' confidence in...more
On December 16, 2024, the California Air Resources Board--the regulatory agency responsible for implementing California's mandatory climate disclosure regime--solicited public feedback concerning the design of the regulation....more
Every year, Mintz provides analysis of the regulatory developments that impact public companies as they prepare for their fiscal year-end filings with the Securities and Exchange Commission and their annual shareholder...more
2 On December 5, 2024, the California Air Resources Board--the agency responsible for implementing California's climate disclosure regulations--announced that it would “exercise enforcement discretion for the first reporting...more
According to a recent report, the climate disclosure rules recently promulgated by the European Union will compel more than 3,000 U.S. companies to file mandatory climate-related disclosures. This fact demonstrates the...more
The day before Thanksgiving, eleven Republican state attorneys-general (representing Texas, Alabama, Arkansas, Indiana, Iowa, Kansas, Missouri, Montana, Nebraska, West Virginia and Wyoming) filed a lawsuit against three...more
The SEC continues its focus on greenwashing, despite the recent disbandment of the SEC’s Climate & ESG Task Force.Notably, in the past month, the SEC Department of Examinations has issued a risk alert focused on greenwashing,...more
Last week, the State of Maine became the latest state or local government to sue the major fossil fuel companies for damages related to climate change. There are around three dozen lawsuits bringing common law and state tort...more
1 On November 4, the SEC's Division of Examinations issued a risk alert that identified systematic problems with funds' ESG disclosures. Specifically, the SEC stated that “[f]unds [] mischaracterized the use of...more
Three years ago, a court in the Netherlands had ruled that Shell--a multinational fossil fuel company based in the Netherlands--had the obligation to reduce its carbon dioxide emissions by forty-five percent by 2030, relative...more
In the latest episode of the Mintz on Air: Predictions and Practical Policies Podcast, ESG Co-chair Jen Rubin moderates a forward-looking discussion on what businesses can expect for ESG, clean tech, and energy regulation...more
On November 5, a federal district court judge in California denied plaintiffs' motion for summary judgment in a facial challenge to California's climate disclosure laws. Although this ruling is relatively limited in...more
3 On November 8, the SEC and an investment advisor entered into a settlement to resolve an administrative proceeding featuring allegations of greenwashing. Specifically, the investment advisor was alleged to have made...more
Despite the recent disbandment of the SEC’s Climate & ESG Task Force, the SEC is continuing to pursue enforcement actions concerning environmental issues, including greenwashing. Notably, over the past several weeks, the SEC...more
On October 21, 2024, the SEC imposed a fine of $4 million on investment adviser WisdomTree Asset Management Inc. for improperly labeling certain funds as compliant with ESG principles. According to the settled administrative...more
Over the past several years, there have been more than three dozen lawsuits launched against the major fossil fuel companies seeking damages due to climate change caused by greenhouse gas emissions. These claims are based...more
This week, the Hawaii Supreme Court--in response to certified questions of law from the federal district court in Hawaii--held that the insurance policies purchased by fossil fuel companies in Hawaii would not provide...more