this post was submitted on 17 Jul 2024
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Employees Suing American Airlines Don’t Want Their 401(k)s in ESG Funds (insideclimatenews.org)
submitted 1 month ago by jeffw@lemmy.world to c/climate@slrpnk.net
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[–] roscoe@lemmy.dbzer0.com 3 points 1 month ago* (last edited 1 month ago)

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.