Senators warn law firms about 'collusive' ESG initiatives
(WO) – Five U.S. Senators have sent letters to 51 law firms detailing the possible antitrust violations that their clients may commit if they pursue collusive Environmental, Social, and Governance (ESG) initiatives.
The letter, signed by Marsha Blackburn (R-Tenn.), Tom Cotton (R-Ark.), Chuck Grassley (R-Iowa), Mike Lee (R-Utah) and Marco Rubio (R-Fla.), advises the law firms to preserve documents relevant to their clients’ ESG practices in preparation for Congress’s oversight of ESG-related antitrust violations.
“The ESG movement attempts to weaponize corporations to reshape society in ways that Americans would never endorse at the ballot box,” the senators wrote. “Of particular concern is the collusive effort to restrict the supply of coal, oil, and gas, which is driving up energy costs across the globe and empowering America’s adversaries abroad.”
Although businesses would certainly be wise to lawyer up before undertaking ESG initiatives, they wrote, law firms also have a duty to fully inform clients of the risks they incur by participating in “climate cartels and other ill-advised ESG schemes.”
Over the coming months and years, according to the letter, Congress will increasingly use its oversight powers to scrutinize the institutionalized antitrust violations being committed in the name of ESG, and refer those violations to the FTC and the Department of Justice.
“To the extent that your firm continues to advise clients regarding participation in ESG initiatives, both you and those clients should take care to preserve relevant documents in anticipation of those investigations,” the senators advised.