American Airlines Hit With Class Suit Over ESG 401(k) Funds (2)

An American Airlines Inc. pilot filed a proposed class action claiming the airline’s 401(k) plan is filled with investments that pursue “leftist political agendas” through environmental, social, and corporate governance strategies.

The proposed class action, filed Friday in the US District Court for the Northern District of Texas, accuses American of pursuing unrelated policy goals over the financial health of the plan and workers’ retirement savings. This choice is “flatly inconsistent” with the company’s fiduciary responsibilities under the Employee Retirement Income Security Act, and it jeopardizes the retirement security of airline workers, plaintiff Bryan Spence alleged in the complaint. ...