A federal judge in Texas refused to transfer to another court a lawsuit by Republican states challenging a Biden administration rule allowing socially conscious investing by retirement plans, rejecting claims of ‘judge shopping’
U.S. President Joe Biden talks to the news media after arriving on Marine One from North Carolina, on the South Lawn of the White House, in Washington, U.S., March 28, 2023. REUTERS/Leah Millis
U.S. District Judge Matthew Kacsmaryk in Amarillo, Texas, said the Biden administration had provided no evidence that the litigation did not belong in his court or that plaintiffs were attempting to manipulate the process. In Tuesday's case, 25 states along with an oil drilling company and an oil and gas trade group are seeking to block a U.S. Department of Labor rule allowing employee retirement plans to consider environmental, social and corporate governance factors when investing., which took effect Jan. 30, jeopardizes the retirement savings of millions of Americans and could lower states' tax revenue by triggering divestments from the oil and gas industry.
The Biden administration said last month the case had no connection to Amarillo and that the states chose that venue because they knew it would be assigned to Kacsmaryk.
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