Biden administration blocks US states' challenge to ESG investing rule.

The Biden administration has asked a federal judge to dismiss a lawsuit by 25 Republican-led states seeking to strike down a rule allowing socially-conscious investing by employee retirement plans. The rule, which took effect on January 30, replaces limitations placed by the Trump administration on considering environmental, social, and corporate governance (ESG) factors in making investment decisions. The new rule covers plans that collectively invest $12 trillion on behalf of 150 million Americans.