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American Airlines' focus on ESG in 401(k) plan is illegal, US judge rules
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American Airlines' focus on ESG in 401(k) plan is illegal, US judge rules
Jan 10, 2025 10:57 AM

(Reuters) - A federal judge in Texas on Friday said American Airlines ( AAL ) violated federal law by basing investment decisions for its employee retirement plan on environmental, social, and other non-financial factors.

The ruling by U.S. District Judge Reed O'Connor appeared to be the first of its kind amid growing backlash by conservatives to an uptick in socially-conscious investing.

O'Connor said American had breached its legal duty to make investment decisions based solely on the financial interests of 401(k) plan beneficiaries.

(Reporting by Daniel Wiessner in Albany, New York)

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