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ARTICLE · 10 FEBRUARY 2023

Issue 17: February 8, 2023

Steptoe LLP
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A group of 25 Republican attorneys general sued the US Labor Department over its introduction of the 2022 Investment Duties Rule, which gives retirement plan sponsors increased freedom...

GlobalCorporate/Commercial Law
Steptoe LLP
Steptoe LLP

Litigation

A group of 25 Republican attorneys general sued the US Labor Department over its introduction of the 2022 Investment Duties Rule, which gives retirement plan sponsors increased freedom to consider ESG factors when selecting investments, arguing that the rule undermines key protections for retirement savings and oversteps the department's statutory authority. The lawsuit reflects a growing tension at federal and state level regarding the permissibility and desirability of considering non-pecuniary factors when making investments.

Standards

The SEC is reportedly gauging whether to pare down its public company disclosure rule proposal in the face of threatened litigation and concerns expressed by companies and investors. Controversial elements of the proposed rule, including Scope 3 disclosure requirements and climate-related financial statement metrics, are allegedly being considered for revision ahead of a final SEC vote. The SEC expects to issue a

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