Two dozen states, led by Utah, sued the Biden administration on Thursday over a rule allowing fiduciaries to factor environmental and social issues into investment decisions.
The states noted that ERISA requires retirement plan assets to be held for the exclusive purpose of providing benefits to participants in the plan and that the fiduciaries must act solely in the interest of said participants. The Supreme Court has previously ruled that such "benefits" are defined as "financial benefits."
Liberty Energy CEO Chris Wright, a private plaintiff in the case, added that his company was suing because the regulation "makes it harder to protect our workers’ retirement security and impedes investing in our industry and its ability to provide reliable and affordable energy to our communities."
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