GOP-led states sue Biden administration to block ESG investment rule | CNN Business

New York CNN  — 

A coalition of Republican-led states is suing the US Labor Department to block an imminent rule change that will allow 401(k) managers to consider climate change and other environmental, social and governance (ESG) factors when selecting investments.

The coalition, led by Utah Attorney General Sean Reyes, argues the Labor Department rule violates federal law, would put trillions of dollars of retirement savings at risk and is being driven by political ideology.

The lawsuit was filed by 25 states, almost all of them led by a Republican governor. The two states led by Democrats,

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