A challenge to a Biden administration rule allowing socially conscious investing by employee retirement plans will present an early test of how courts will scrutinize federal regulations after the U.S. Supreme Court said they no longer have to defer to the expertise of the agencies that issued them.
The New Orleans-based 5th U.S. Circuit Court of Appeals will hear arguments on Tuesday in a lawsuit by 25 Republican-led states challenging the U.S. Department of Labor rule, which says