A federal judge in one of the country’s most conservative district courts ruled Friday that American Airlines unlawfully incorporated environmental and sustainable governance (ESG) factors into its employee retirement plan.
In a 70-page ruling following a four-day non-jury trial, Judge Reed O’Connor of the Northern District of Texas ruled the airline violated its fiduciary duty of loyalty by letting asset manager BlackRock weigh environmental factors in 401(k) funds.
O’Connor, a George W.
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