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Client Alerts

ESG Meets ERISA: Final Judgment Issued in American Airlines 401(k) ESG Lawsuit

On September 30, 2025, U.S. District Judge Reed O’Connor entered final judgment following a bench trial in a class-action lawsuit against American Airlines and its Employee Benefits Committee (the “EBC”), finding the defendants breached their duty of loyalty under the Employee Retirement Security Act of 1974 (“ERISA”) by allowing an investment manager’s environmental, social and governance (“ESG”) objectives to influence its investment decisions with respect to the company’s retirement plans (the “Plan”).

October 17, 2025 • V&E Governance and Sustainability Update | Published by Employee Benefit Plan Review, January 2026

October 17, 2025 • 5-minute read

Client Alerts

CARB Hosts Public Workshop on California Climate Laws

The California Air Resources Board (“CARB”) hosted a public workshop on August 21, 2025 to provide information on Senate Bills 253, 261 and 219 (the “California climate laws”) and solicit feedback from consumers and investors.

September 25, 2025 • V&E Governance & Sustainability Update

September 25, 2025 • 7-minute read

Client Alerts

Beginning of Construction Guidance Eliminates 5% Safe Harbor (for Wind and Solar), but Physical Work Test Survives

On August 15, 2025, the Department of Treasury and the Internal Revenue Service (“IRS”) released guidance for wind and solar facilities under Sections 45Y and 48E (the “Tech-Neutral Tax Credits”) in the form of IRS Notice 2025-42 (the “Notice”).

August 18, 2025 • V&E Renewable Energy Update

August 18, 2025 • 4-minute read

Client Alerts

DOJ Provides Insight Into Unlawful Discriminatory Practices, Highlighting Enforcement Risks for Federal Funding Recipients

On July 29, 2025, Attorney General Pam Bondi issued a memorandum offering specific examples of what the U.S. Department of Justice (“DOJ”) considers to be unlawful discriminatory policies and practices under federal civil rights laws, as well as recommendations on best practices for employers to avoid engaging in unlawful discrimination.

August 4, 2025 • V&E Governance & Sustainability Update

August 4, 2025 • 4-minute read

Client Alerts

Insights from the SEC Roundtable on Executive Compensation Disclosure Requirements

On June 26, 2025, the U.S. Securities and Exchange Commission (“SEC”) hosted a roundtable on executive compensation disclosure requirements.

July 8, 2025 • V&E Corporate Governance Update | Published by Harvard Law School Forum on Corporate Governance, July 2025

July 8, 2025 • 8-minute read

Client Alerts

Texas Hold ‘Em: New Law Requires Proxy Advisors to Show Their Cards if “Nonpecuniary” Factors Guide Voting Recommendations

On July 24, 2025, the two largest U.S. proxy advisory firms—Glass, Lewis & Co. (“Glass Lewis”) and Institutional Shareholder Services Inc. (“ISS”)—each separately filed suit against Texas Attorney General Ken Paxton in the U.S. District Court for the Western District of Texas challenging recently enacted Texas Senate Bill 2337 (“SB 2337”).

September 2, 2025 • V&E Governance & Sustainability Update

September 2, 2025 • 6-minute read

Client Alerts

Updates to IRA Tax Benefits Found in Senate Finance Committee Draft of 2025 Reconciliation Bill

In the afternoon of June 16, 2025, the Senate Finance Committee (“SFC”) released its proposed legislative text of the tax title for the “One Big Beautiful Bill,” H.R. Con. Res. 14, 119th Cong. (2025) (the “Reconciliation Bill”).

June 18, 2025 • V&E Renewable Energy Update

June 18, 2025 • 6-minute read