Employees Suing American Airlines Don’t Want Their 401(k)s in ESG Funds
Employees Suing American Airlines Don’t Want Their 401(k)s in ESG Funds
Their class-action lawsuit could have broad repercussions, prompting other companies to go quiet on sustainable investing.
The lawsuit’s lead plaintiff, pilot Bryan Spence, alleges that American mismanaged employees’ retirement savings by investing with fund managers who “pursue leftist political agendas” through ESG strategies, proxy voting and shareholder activism.
Because trying not to destroy the earth has been successfully co-opted by the party of culture-war bullshit. Rightwing politics is a death-cult.
Wahh! I want to make sure my retirement fund is soaked in blood!
Is this lawsuit just about having the choice to use an ESG fund?
The article even mentions that people who aren't invested in an ESG fund are included in the class action with those who are.
Here is a link to AA's 401k page. Scroll down to "What are my investment options." It looks pretty standard. Options for index funds, self-directed where you can invest in any Fidelity funds, target date funds, and other options.
What kind of a bullshit lawsuit seeks to reduce personal options that don't affect anyone else. Or am I missing something and could one person's selection somehow harm others?
Edit: I read a little more about the lawsuit. I'm not 100% sure about this, but it seems like the complaint is; the people managing the funds use the voting rights from everyone invested to vote for ESG goals. E.G. if you're invested in an index fund the people managing the funds can use the voting rights of your shares to influence the companies in ways the lawsuit claims violate fiduciary responsibility.
Whats an ESG?
Electronically Sourced... Giganautasaurous?
ESG replaced CSR. Environmental social and governance.
I misread it as "EGS" and thought it was "Epic Game Store" and was ready to read about some truly wild 401k policy.
Paywalled
It didn't seem to be. The page even had this text in a box at the end:
Perhaps you noticed: This story, like all the news we publish, is free to read. [...]
Hit “I’m a subscriber”. It’s not a paywall, they just want you on their mailing list