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ARTICLE · 14 FEBRUARY 2025

State AGs Double Down On DEI (And ESG)

Kelley Drye & Warren LLP
Kelley Drye & Warren LLP
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Kelley Drye & Warren LLP

Kelley Drye & Warren LLP

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In December, we covered the announcement by 11 Republican state AGs of an antitrust suit against investment companies related to coal companies and ESG...

United StatesCorporate/Commercial Law
Paul Singer
Paul Singer
Abigail Stempson
Abigail Stempson
Beth Bolen Chun
Beth Bolen Chun

In December, we covered the announcement by 11 Republican state AGs of an antitrust suit against investment companies related to coal companies and ESG goals led by Texas. With the new year and new administration, we have seen state AGs continue their actions combatting ESG and adding a new emphasis on DEI.

On January 23, a slightly different group of 11 Republican state AGs led again by Texas whose Attorney General Ken Paxton penned a letter to 5 major financial institutions, "Re: Apparent Legal and Contractual Violations by Financial Institutions." The letter begins by expressing concerns that the use of "race- and sex-based quotas" and "furtherance of political agendas" may violate federal and state laws. For example, the letter asserts Texas contractors must follow a Government Code provision requiring fiduciaries to act "solely in the interest" of benefiting owners and beneficiaries, and further some state contract requirements prohibit racial and sexual

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