25 states hit Biden admin with lawsuit over climate action targeting Americans' retirement savings

A group of 25 states on Thursday filed a federal lawsuit against the Biden administration, arguing a recent rule allowing retirement plan managers to factor environmental and social issues into investment decisions violated the law.

The lawsuit — led by Utah Attorney General Sean Reyes and joined by 24 other states including Louisiana, Texas and Virginia — challenges a Department of Labor (DOL) rule unveiled in November and which is set to go into effect on Jan. 30. The rule would open the door for fiduciaries to factor so-called environment,...