Free Republic

Pilot alleges that the airlines’ ESG investment strategy violates pension fiduciary duties.. A district judge has granted a pilot’s request for a class-action lawsuit against American Airlines for allegedly investing pension funds into environmental, social, and governance (ESG) funds. The case revolves around the allegation that American Airlines—headquartered in Fort Worth, Texas—violated its fiduciary obligation to the Employee Retirement Income Security Act (ERISA) “by investing millions of dollars of American Airlines employees’ retirement savings with investment managers and investment funds that pursue political agendas” through ESG initiatives. “By pursuing ESG goals, Defendants gave Plan assets to fund managers, such as...