Tennessee drops BlackRock ESG suit after asset manager agrees concessions
- Tennessee Attorney General Jonathan Skrmetti announced a legal settlement with BlackRock, Inc., which led to changes in the company's Environment, Social, and Governance investing policies.
- BlackRock agreed to disclose ESG-focused funds, remove ESG ratings from certain funds, and conduct independent audits regarding its ESG initiatives.
- Skrmetti stated that the settlement ensures BlackRock will prioritize financial returns over other preferences unless authorized by customers.
- The Attorney General believes this settlement sets a precedent for ESG investing among other asset managers and financial companies moving forward.
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