Red-state attorneys general who sued the Labor Department over its rule permitting sustainable 401(k) investing must pursue their claims before a lower court after a Fifth Circuit panel opted to send the case back.
The appeals judges cited Loper Bright Enterprises v. Raimondo, a recent landmark US Supreme Court ruling, in a Thursday decision to let a Texas federal district judge weigh arguments against the DOL’s regulation allowing for more environmental, social, and governance considerations in private-sector retirement accounts.
The litigation has already been framed as a test case for how the Supreme Court’s June 28 decision overturning the ...