Consumers’ Research, a consumer advocacy nonprofit, is warning Fortune 500 companies that the recent ruling against American American airlines over its environment, social and governance (ESG) policies could leave them legally vulnerable.
American Airlines pilot Bryan Spence filed the lawsuit in 2023 in the Federal District Court of Northern Texas, ESG Dive reported, alleging that the airline, by failing to monitor the proxy voting of its investment managers which included BlackRock, violated its fiduciary duties to prudence. The lawsuit also claimed that the company’s ESG goals created a conflict of interest when these goals were combined with considerations made by BlackRock and others. BlackRock is the world’s largest asset manager, with more than $10 trillion in assets under management as of Q1 2024.
Judge Reed O’Connor ruled that the airline fulfilled its duty of prudence, but American Airlines “breached their fiduciary duty by failing to loyally act solely in the retirement plan’s best financial interests by allowing their corporate interests, as well as BlackRock’s ESG interests, to influence management of the plan.”
Warning letters
Consumers’ Research sent letters to all Fortune 500 companies warning them that the ruling could expose them to “significant and future liability.”
“Any corporation or company using BlackRock to manage their pension plans is now effectively aware that BlackRock has acted with a dual motive in the past and is still publicly committed to doing the same moving forward…We highly recommend that your company strenuously review its relationship with BlackRock and whether continuing with them as a retirement plan manager is worth the colossal risks to your companies and yourselves,” the letter states. […]
— Read More: justthenews.com
At Last, a Company With Integrity in the Gold IRA Industry
For several years, I’ve been vetting out precious metals companies in search of the best. I believe in gold and silver but it’s hard to find integrity in the Gold IRA industry. The vast majority operate with shady tactics and gigantic spreads that take advantage of Americans who simply want to protect their life’s savings.
I’ve found a handful that I like and I’ve worked with some of them. By no means would I “unrecommend” them because, again, I vetted them out and found them to be above the fold. Unfortunately, it isn’t hard to be better than the rest when the rest are so darn awful.
After years of searching, I finally found a company that truly operates with integrity. Augusta Precious Metals has three important attributes that set them far above the competition:
- Non-Commissioned Sales Team: I cannot stress how important and unique this is. With just about every other company in the Gold IRA industry, the sales teams make commission from every account they open. This means they steer their clients toward the gold and silver products with the highest commission. With Augusta Precious Metals, the team is solely focused on putting the best gold and silver for their clients into their IRA. They get paid to serve the best interests of the Gold IRA client, NOT their own commission pay.
- Incredibly Low Fees: Most Americans would be shocked if they knew the spread other Gold IRA companies charge. Augusta charges just 5% versus up to 45% elsewhere.
- No Pressure, No Gimmicks: There’s an understanding among most in the Gold IRA industry that fear and pressure is the way to go. Augusta Precious Metals takes a sober approach when working with clients because they hold integrity in the highest possible regard. This is why they don’t offer gimmicks like “free” or “bonus” silver. It’s also why they do not apply pressure tactics to get quick sales. Their educational and transparent approach to doing business is exceedingly rare in the Gold IRA industry.
