A private letter ruling request is a request to the IRS by a taxpayer (an individual, business, or other entity) requesting the IRS to address, in writing, a specific tax situation that applies to the...
The ever-growing number of environmental laws has significantly affected real estate acquisitions. Nearly every purchase agreement will contain environmental representations and warranties, with the seller...
Environmental, social, and governance (ESG) remains an area of intense focus for private fund sponsors, private fund investors, and government regulators. Despite certain regulatory and political headwinds...
Representations and warranties insurance (also referred to as reps and warranties insurance, RWI, or R&W insurance) is designed specifically to cover losses resulting from unknown breaches for all...
Understand the role of ADR mechanisms in drug, medical device, biologics, and other life sciences agreements. Read now » Related Content Life Sciences Due Diligence Considerations in M&A...
A Texas District Court recently issued an opinion, in Utah v. Walsh, favoring the U.S. Department of Labor (DOL) regarding the legitimacy of the DOL’s final regulations addressing “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights.” The regulations came under scrutiny for how they assess fiduciary consideration of environmental, social, and corporate governance (ESG) factors in ERISA plan investing. On a summary judgment motion, the court recognized the complexity of the prior Trump-administration final regulations, noting that “in stakeholders' eyes, [prior regulations] created a ‘chilling effect’ on the appropriate integration of climate change and other ESG factors in investment decisions.” Referencing the Chevron Doctrine’s two-step approach in determining the legitimacy of agency regulations, the court concluded that the DOL regulations prevailed in meeting both step one and step two of a Chevron Doctrine analysis and were not “manifestly contrary to the statute.” The ruling gives ERISA plan fiduciaries room to consider ESG factors when selecting and monitoring investments on behalf of participants.
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