A judge in Oklahoma blocked a state law that prohibits state pension systems from doing business with companies that are against investing in the oil and gas industry.
In a filing Tuesday, Oklahoma County District Court Judge Sheila Stinson issued a temporary injunction blocking the law from being enforced.
The law would prohibit state agencies from investing with financial firms that boycott energy companies for no “ordinary business purpose,” because the companies engage in “fossil-fuel-based energy” and do not intend to meet environmental standards.
Treasurer Todd Russ included BlackRock, Wells Fargo, JPMorgan Chase and Bank of America, of the 13 prohibited companies on the list.
Fossil-fuel issues and other laws have been challenged for their controversial environmental, social and governance (ESG) topics, like human rights, diversity, water, firearms, anti-corruption and more.
Don Keenan, the former president of the Oklahoma Public Employees Association, brought a challenge to the legislation forward, arguing the law violates the state’s constitution and free speech rights.
Stinson’s injunction came after finding Keenan would likely succeed in his lawsuit. She said in her ruling that the law appears to be aimed at countering the “political agenda” of financial companies and to “assist the economic status of the oil and gas sector.”
In a statement sent by a representative and reported by Reuters, Russ said he was looking out for the financial interests of Oklahoma’s citizens and industries.
“This ruling is not going to stop the fight for Oklahomans against activists using ESG in the state,” he said, adding that there are plans to appeal the injunction.
Judge blocks anti-ESG law in Oklahoma
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09.05.2024
A judge in Oklahoma blocked a state law that prohibits state pension systems from doing business with companies that are against investing in the oil and gas industry.
In a filing Tuesday, Oklahoma County District Court Judge Sheila Stinson issued a temporary injunction blocking the law from being enforced.
The law would prohibit state agencies from investing with financial firms that boycott energy companies for no........
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