Oklahoma’s attorney general hired to defend a state law that prohibits state pension plans from contracting with companies that restrict investment in the oil and gas industry, days after a judge temporarily blocked enforcement of the law. announced that it would lay off its external legal team.
Republican Attorney General Gentner Drummond said in a statement Thursday that he is firing the attorneys at the Plaxico law firm, which he said was hand-picked by state Treasurer Todd Russ to uphold the law. Drummond also said he would remove Russ from all decision-making authority regarding legal defense going forward.
The decision comes after a state judge on Tuesday issued a preliminary injunction blocking enforcement of the law in oil-rich Oklahoma. The judge ruled that retired state employees challenging the bill are likely to succeed in their lawsuit, arguing that it violates the state constitution and is too vaguely written.
Referring to so-called environmental, social, and governance policies, Drummond said, “It is extremely disappointing that the lawyers hired by Treasury Secretary Russ were unable to obtain a favorable ruling defending Oklahoma’s anti-ESG law.” It’s unfortunate,” he said.
“Because of this failure, this law is currently on hold and at risk of being repealed entirely. Oklahomans deserve better.”
Rath, a fellow Republican, said in a statement that he initially asked Drummond to represent him in court, but that request was only denied, and that he does not believe his decision-making authority will be legally taken away. said.
He said he believed there were grounds to appeal the court’s decision, adding: “I have always wanted the attorney general to be my attorney.”
Plaxico’s attorney did not respond to a request for comment.
Oklahoma’s 2022 law is one of dozens of Republican-backed ESG bills across the country aimed at shielding fossil fuel companies from climate change constraints adopted by some Wall Street companies. be.
Despite these concerns, major financial institutions have largely rejected calls to exit the oil and gas industry and have reduced engagement with groups seeking to pressure major emitters. There are some places.
Oklahoma law prohibits state agencies from doing business with financial companies that restrict investment in energy companies, and requires state treasurers to list those companies even if they continue to hold stock in them. is required to be maintained.
Mr. Russ added BlackRock, Wells Fargo, JPMorgan Chase and Bank of America to his list last year.
