On May 20, the attorneys general of Texas, Nebraska, Iowa and West Virginia sued Institutional Shareholder Services in four separate state courts, accusing the world's most influential proxy advisory firm of doing exactly what it promised clients it would not do: substitute an ESG agenda for financial judgment. Florida had already sued ISS and its rival Glass Lewis in November. The suits rely on state consumer-protection law, not ERISA. But they document the exact conduct federal law was written to prevent, and that's the argument worth making.
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