The Labor Department’s socially-conscious investing rule is faithful to the “letter and spirit” of the federal employee benefits statute and should be upheld in the face of a legal challenge, the American Retirement Association said in a new brief.
The association, which represents the employer-sponsored retirement plan industry, joined with a nonprofit organization that promotes sustainability in investing to support the rule as it faces a legal challenge from 25 red state attorneys general. Their amicus brief, filed Wednesday in the US District Court for the Northern District of Texas, praises the rule as being in line with the …