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American Airlines Moves to Dismiss Suit Challenging Inclusion of ESG Funds in Retirement Plan
October 24, 2023In August 2023, American Airlines, Inc. moved to dismiss a class action lawsuit filed against the airline for allegedly jeopardizing employees’ retirement savings by investing in environmental, social and governance (ESG) funds managed by BlackRock and others. The complaint, filed by an American Airlines pilot, alleges that the airline’s ESG investment strategy violates the Employee Retirement Income Security Act (ERISA) by pursuing a political agenda in breach of ERISA’s fiduciary duties requiring companies to maximize financial benefits for retirement plan participants.
