American Airlines’ use of ‘ESG activist’ BlackRock failed workers, US judge says

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Financial Times 12h ago

American Airlines’ use of ‘ESG activist’ BlackRock failed workers, US judge says - Financial Times

Quick Summary:

However, he said American had not breached its duty of prudence “in connection with the design and implementation of its processes for monitoring the plan”.

But he said BlackRock’s 2021 vote in favour of hedge fund Engine No.1 in its proxy fight with energy giant ExxonMobil — among other votes — amounted to “ESG activism”.

He said it was one of the biggest cases in all of US retirement fund litigation to watch because “this, to me, looks like the same claim could be brought against literally any 401k plan in America”.