Recently, the Canadian Securities Administrators (the umbrella organization of Canada's provincial securities regulators) announced that it would pause the development of certain sustainability reporting initiatives,...more
On February 18, 2025, Judge Bloom (S.D. Fla.) dismissed a lawsuit against Lululemon, the athleisure company, that centered upon allegations of greenwashing. Specifically, the plaintiffs here had contended “that Lululemon...more
2/25/2025
/ Class Action ,
Consumer Protection Laws ,
Corporate Counsel ,
Environmental Litigation ,
Federal Rules of Civil Procedure ,
Greenwashing ,
Litigation Strategies ,
Motion to Dismiss ,
Standing ,
Sustainability ,
Unfair or Deceptive Trade Practices
In June 2023, Mintz published an article entitled “A Quantitative Analysis of Comment Letters Issued by the SEC Concerning Climate Change Disclosures” (the June 2023 Article), which analyzed the comment letters related to...more
2/20/2025
/ Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
EDGAR ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
Greenwashing ,
Publicly-Traded Companies ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Sustainability
In a development that could hardly be termed unexpected, the Trump Administration SEC has begun the process of unraveling the climate disclosure rule promulgated by the SEC under the Biden Administration. Specifically, the...more
Over the past several weeks, each of the major US banks have announced their withdrawal from the Net Zero Banking Alliance (presumably in response to the policy priorities of the second Trump Administration). Although...more
Following a bench trial, Judge O'Connor (N.D. Tex.) held that “that Defendants breached their fiduciary duty by failing to loyally act solely in the retirement plan's best financial interests by allowing their corporate...more
1/13/2025
/ 401k ,
BlackRock ,
Breach of Duty ,
Corporate Governance ,
Duty of Loyalty ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Social & Governance (ESG) ,
Fiduciary Duty ,
Investment ,
Investment Management ,
Retirement Plan ,
Sustainability
Regulatory Updates -
There have been a couple of noteworthy developments in recent weeks concerning the mandatory climate disclosure regime enacted by California. These developments relate to SB 253 and SB 261, which...more
1/8/2025
/ Antitrust Provisions ,
California ,
Climate Change ,
Damages ,
Disclosure Requirements ,
Environmental Litigation ,
Environmental Policies ,
Fossil Fuel ,
Greenhouse Gas Emissions ,
Montana ,
State Attorneys General ,
Sustainability
According to a recent report, the climate disclosure rules recently promulgated by the European Union will compel more than 3,000 U.S. companies to file mandatory climate-related disclosures. This fact demonstrates the...more
The SEC continues its focus on greenwashing, despite the recent disbandment of the SEC’s Climate & ESG Task Force.Notably, in the past month, the SEC Department of Examinations has issued a risk alert focused on greenwashing,...more
In the latest episode of the Mintz on Air: Predictions and Practical Policies Podcast, ESG Co-chair Jen Rubin moderates a forward-looking discussion on what businesses can expect for ESG, clean tech, and energy regulation...more
The Securities & Exchange Commission has disbanded its Climate & ESG Task Force, which had been launched with great fanfare in March 2021 at the beginning of the Biden administration. However, the Climate & ESG Task Force had...more
Congressional Democrats have been exerting pressure on insurance regulators to integrate climate-related financial risks as part of their supervisory role; a letter was recently sent by Democratic members of the House and...more
Regulatory Updates -
Governor Newsom (D-CA) recently proposed a two-year delay to California’s sweeping new mandatory climate disclosures, which apply to all large companies—public or private—doing business in California....more
8/2/2024
/ Chevron Deference ,
Climate Change ,
Department of Labor (DOL) ,
Disclosure Requirements ,
Employee Retirement Income Security Act (ERISA) ,
Energy Sector ,
Environmental Litigation ,
Environmental Social & Governance (ESG) ,
Fossil Fuel ,
Loper Bright Enterprises v Raimondo ,
Popular ,
Regulatory Agenda ,
Sustainability
On June 4, 2024, a number of Congressional Democrats (10 Senators; 28 Congressmen) sent a letter to SEC Chairman Gensler, urging that the SEC “enforce existing SEC climate disclosure-related guidance” while the legal...more
On April 22, 2024, the federal government issued a rule “amending the Federal Acquisition Regulation (FAR)” to “implement a requirement for agencies to procure sustainable products and services to the maximum extent...more
On April 22, 2024, the federal government issued a rule “amending the Federal Acquisition Regulation (FAR)” to “implement a requirement for agencies to procure sustainable products and services to the maximum extent...more
On March 6, 2024, the SEC issued its long-awaited climate disclosure rule, which mandates the disclosure of climate-related risks and Scope 1 and Scope 2 greenhouse gas emissions, among other things. The rule was immediately...more
Last week, the United Kingdom's Financial Conduct Authority issued guidance on its proposed anti-greenwashing rule, which will come into effect at the end of May 2024. (Greenwashing is when a product, service, or firm is...more
The European Parliament has now approved the “Corporate Sustainability Due Diligence Directive,” which will apply to both EU companies and to non-EU companies doing business in the European Union. (There is a phased...more
On March 6, 2024, the SEC issued its long-awaited climate disclosure rule, nearly two years after the draft rule was proposed in March 2022. Significantly, this rule required that: (1) companies disclose climate-related...more
The Securities & Exchange Commission ("SEC") issued its long-awaited final rule concerning climate disclosures, entitled “The Enhancement and Standardization of Climate-Related Disclosures for Investors” (“Climate Disclosure...more
3/15/2024
/ Carbon Pricing ,
Climate Change ,
Disclosure Requirements ,
Final Rules ,
Governance Standards ,
Greenhouse Gas Emissions ,
Investment ,
Renewable Energy ,
Risk Assessment ,
Safe Harbors ,
Securities and Exchange Commission (SEC) ,
Severe Weather ,
Sustainability
Recently, a pair of bills were proposed in the New Hampshire state legislature that would make it a felony to knowingly invest state or taxpayer funds based upon ESG criteria in violation of fiduciary duty. Specifically, the...more
Federal Regulatory Developments -
In a recent filing with the Office of Management and Budget, the Securities & Exchange Commission disclosed that the vote by the SEC Commissioners as to whether to issue the SEC’s...more
1/3/2024
/ Climate Change ,
Disclosure ,
Energy Sector ,
Environmental Social & Governance (ESG) ,
Fiduciary Duty ,
Financial Regulatory Reform ,
Financial Services Industry ,
OMB ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Sustainability
Federal Regulatory Developments -
The SEC has still not issued its final climate-related disclosure rule (originally proposed in March 2022), despite prior indications that it would do so in the fall of 2023. Recently, SEC...more
Federal Regulatory Developments -
On September 20, 2023, the SEC approved amendments to the “Names Rule,” which had initially been proposed in May 2022. This rule requires investment funds to “adopt a policy to invest at...more
11/3/2023
/ Administrative Procedure Act ,
Climate Change ,
Department of Labor (DOL) ,
Disclosure Requirements ,
Energy Sector ,
Environmental Social & Governance (ESG) ,
Greenhouse Gas Emissions ,
Investment Advisers Act of 1940 ,
Investment Company Act of 1940 ,
Investment Funds ,
Sustainability