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A class action lawsuit against American Airlines for violating its duties to employees over their 401(k) accounts can move forward. The suit argues that including ESG investment options violates fiduciary obligations, because they prioritize social change over financial returns.
A senior American Airlines pilot has filed a class action lawsuit in U.S. District Court for the Northern District of Texas over the 100,000 member, $26 billion airline pension, arguing that it is pursuing “leftist political agendas” by making investments that follow ESG (Environmental, Social, and Governance) guidelines.
He argues that the plan breaches its fiduciary duty by privileging activism on issues including race, LGBTQ+ rights, and environmentalism over financial returns.
Gary Leff is one of the foremost experts in the field of miles, points, and frequent business travel -- a topic he has covered since 2002.
Co-founder of frequent flyer community InsideFlyer.com, emcee of the Freddie Awards, and named one of the "World's Top Travel Experts" by Conde' Nast Traveler (2010-Present) Gary has been a guest on most major news media, profiled in several top print publications, and published broadly on the topic of consumer loyalty. More About Gary »
