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Fiduciary Duty State Attorneys General

Foley Hoag LLP - White Collar Law &...

Tennessee v. BlackRock: How this Case Informs How We Look Back and Look Ahead at ESG

This is the final post in our 2024 Year in Preview series examining important trends in white collar law and investigations in the coming year... Politicians in Republican-led states have painted a target on environmental,...more

Cozen O'Connor

Republican AGs Appeal to the Fifth Circuit on Labor Department’s ESG Investment Rule

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A coalition of 25 Republican AGs filed an appeal with the U.S. Court of Appeals for the Fifth Circuit in their lawsuit against the Department of Labor that challenges the implementation of a rule permitting retirement plan...more

Cozen O'Connor

AG Ellison Seeks to Dissolve Nonprofits that Profited at Expense of Needy Children

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Minnesota AG Keith Ellison filed 23 lawsuits seeking to shut down nonprofit corporations that allegedly defrauded the Federal Child Nutrition Program by falsely claiming to serve meals to children in need while pocketing the...more

Jenner & Block

Client Alert: Antitrust and ESG—How to Stay Ahead of the Game

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On May 15, 2023, 22 state attorneys general sent a letter to several insurance companies warning that the companies’ Environmental, Social, and Governance (ESG) policies may violate the antitrust laws. Just six weeks earlier,...more

Morrison & Foerster LLP

MoFo’s State + Local Government Enforcement Newsletter

In order to provide an overview for busy in-house counsel and compliance professionals, this newsletter summarizes some of the most important and interesting developments from State Attorneys General across the country in the...more

Cozen O'Connor

AG Coalition Accuses Proxy Advisors of Prioritizing Environment, Diversity over Financial Gain for Clients

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A group of 22 AGs wrote a letter to proxy advisory firms International Shareholder Services, Inc. (ISS) and Glass, Lewis & Co. accusing the companies of potentially violating federal and state laws regarding the advice and...more

Cozen O'Connor

State AGs, Federal Regulators Gather to Discuss Tech Competition, ESG, Privacy, and More

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Last week, the National Association of Attorneys General (NAAG) held its annual Capital Forum in Washington, DC, which provided AGs, AG staff, and private sector attendees the opportunity to engage with each other as well as...more

Mintz

Louisiana and Indiana Attorneys-General Issue Guidance That Investment Firms Incorporating ESG Factors Violate Their Fiduciary...

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Recently, both the Louisiana Attorney-General and the Indiana Attorney-General issued legal guidance that the consideration of ESG factors by investment firms likely would, in the absence of full disclosure, violate the...more

Cozen O'Connor

AG Bonta Fines Nonprofit for Misdirected Donations

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California AG Rob Bonta reached a settlement with defunct San Francisco nonprofit ZeroDivide and its directors and officers (collectively, “ZeroDivide”) to resolve allegations that it misspent donations in violation of...more

Cozen O'Connor

AG Bonta Fines Nonprofit for Misdirected Donations

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California AG Rob Bonta reached a settlement with defunct San Francisco nonprofit ZeroDivide and its directors and officers (collectively, “ZeroDivide”) to resolve allegations that it misspent donations in violation of...more

Cozen O'Connor

Republican Attorneys General Object to Proposed Changes to Retirement Funds Fiduciary Rules

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A group of 22 Republican AGs, led by Utah AG Sean Reyes, sent a comment letter to U.S. DOL opposing a proposed rule that removes barriers for retirement plan fiduciaries to consider environmental, social, and governance...more

Cozen O'Connor

California Attorney General Weighs In On Coverage For Mental Health

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California AG Rob Bonta filed an amicus brief in the U.S. Court of Appeals for the Ninth Circuit in support of plaintiffs-appellees in Wit v. United Behavioral Health (“UBH”), where the district court found that...more

Roetzel & Andress

Ohio’s New Limited Liability Company Act – Revised Code Section 1706

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The Ohio General Assembly recently passed a new Ohio Limited Liability Company (“LLC”) Act to replace the original LLC Act passed in 1994. Formally known as the “Enact Ohio Revised Limited Liability Company Act” (the “Act”),...more

Jones Day

Public Pension Beneficiaries Lack Standing to Bring Claims Against Investment Managers

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As we discussed in our previous Alerts, "Novel Suit by Kentucky Pension Beneficiaries Continues" and "Kentucky Court Holds That Public Pension Plan Beneficiaries Lack Standing to Sue," beneficiaries of Kentucky's public...more

Manatt, Phelps & Phillips, LLP

Tuning Out Harmony: The Second Circuit Upholds Regulation Best Interest

Last year, a group of state attorneys general (AGs) filed suit against the Securities and Exchange Commission (SEC), challenging the agency’s Regulation BI (Best Interest), enacted in June 2019. Regulation Best Interest...more

White and Williams LLP

Exxon Prevails in a Major Climate Change-Related Legal Battle, But Many Questions Remain Unanswered

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Earlier this week, the New York Supreme Court handed Exxon Mobil Corporation a resounding win following a twelve day bench trial and testimony from eighteen witnesses in the first major climate change-related lawsuit to be...more

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