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Karen Brandon on Muck Rack

Karen Brandon

As seen in: PLOS, Chicago Tribune, JD Supra, The National Law Review, Mondaq, Lung Cancer, Open Legal Blog Archive
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Articles

New DOL Guidance Raises Legal Risk of ESG Investments

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By Karen Brandon, Carly Grey
| Open Legal Blog Archive
Quick Hits New DOL guidance indicates that state laws relating to ESG investments would avoid ERISA preemption, creating additional legal risk to plans that offer ESG investments. The guidance sets forth the DOL’s position that proxy advisors can be fiduciaries subject to ERISA. Management of shareholder rights exercises discretion over plan assets and meets ERISA’s definition of a fiduciary.
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Legal Risk of ESG Investments Raised by New DOL Guidance

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By Karen Brandon
| The National Law Review Verified
On April 1, 2026, the U.S. Department of Labor (DOL) published a technical release indicating that proxy advisory firms may meet the definition of an investment fiduciary and fall subject to the Employee Retirement Income Security Act (ERISA). Quick Hits New DOL guidance indicates that state laws relating to ESG investments would avoid ERISA preemption, creating additional legal risk to plans that offer ESG investments.
Open in Who Shared View Duplicates (2) Issue with article?

New DOL Guidance Raises Legal Risk of ESG Investments

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By Karen Brandon, Carly Grey
| ogletree.com
Quick Hits New DOL guidance indicates that state laws relating to ESG investments would avoid ERISA preemption, creating additional legal risk to plans that offer ESG investments. The guidance sets forth the DOL’s position that proxy advisors can be fiduciaries subject to ERISA. Management of shareholder rights exercises discretion over plan assets and meets ERISA’s definition of a fiduciary.
Open in Who Shared Issue with article?
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