Montana sues nonprofit over ESG investing to claw again taxpayer funds
Montana Attorney General Austin Knudsen filed a lawsuit Thursday in opposition to a nonprofit group of attorneys basic in search of to recoup state cash after the group allegedly made investments that violated state regulation.
The submitting in Montana District Court alleges the National Association of Attorneys General, a bipartisan group that has confronted elevated accusations from Republicans of liberal bias, refuses to return taxpayer funds in its possession after making investments in environmental, social and company governance — or ESG — funds that violate Montana regulation.
“NAAG does not comply with Montana law governing how public money must be deposited or invested,” Mr. Knudsen’s lawsuit stated. “NAAG operates without oversight from the public officials and entities the Montana Legislature has created to safeguard Montana’s public funds.”
He stated NAAG is in possession of authorized settlements entered by Montana and different present or former member states totaling $100 million meant to be cut up amongst them.
Mr. Knudsen, a Republican, is in search of courtroom intervention to find out what share of NAAG’s property are Montana’s public funds and to have them returned.
NAAG didn’t instantly reply to a request for remark.
The affiliation has beforehand denied utilizing state funds for ESG investing, a monetary technique that takes local weather change and social justice politics into consideration that Republicans condemn as “woke capitalism.”
The authorized motion comes amid heightened scrutiny of NAAG by Republican-led states, a few of which have left the group over accusations the nonprofit has just lately pivoted to the left.
Utah Attorney General Sean Reyes, a Republican, was first to sue NAAG earlier this 12 months associated to alleged ESG investments that will go in opposition to legal guidelines in his state.
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