"The Biden administration has asked a federal judge to toss out a lawsuit by Republican-led states seeking to strike down a rule allowing socially-conscious investing by employee retirement plans.
The U.S. Department of Justice in a filing in Amarillo, Texas federal court on Friday said the rule was needed to replace improper limitations that the Trump administration had placed on considering environmental, social and corporate governance (ESG) factors in making investment decisions.
A coalition of 25 states led by Utah and Texas sued in January, claiming the U.S. Department of Labor rule would imperil the retirement savings of millions of Americans by allowing investments to be made based on political agendas rather than financial considerations."
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