Attorney General Jason Miyares filed a lawsuit alongside 24 other attorneys general challenging a Department of Labor rule which would affect the retirement accounts of millions of people. The rule would allow 401(k) managers to direct their clients’ money to Environmental Social Governance investments and runs contrary to existing rules and the Employee Retirement Income Security Act of 1974. The new rule which takes effect today affects two-thirds of the U.S. population’s retirement savings accounts totaling $12 trillion in assets.
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