Montana Lawyer Basic Austin Knudsen is demanding that the Nationwide Affiliation of Attorneys Basic (NAAG) return the entire state’s funds at the moment being invested by NAAG.

Knudsen, who has left NAAG, threatened authorized motion if the funds aren’t returned, and cited investments in liberal atmosphere, social and governance (ESG) causes as one of many important causes:

“And now we’ve realized that, whereas states like Montana are pushing again towards using ESG in so many different areas of our residents’ lives, NAAG is investing its cash in ESG-linked investments. That’s patently unacceptable.”

Knudsen cites the findings of an inquiry by Kansas Lawyer Basic Kris Kobash who, in a January 26, 2023 letter, requested NAAG to supply him with a listing of the precise investments held by NAAG and its associated entities—i.e., particular shares, bonds, mutual funds, exchange-traded funds, restricted partnership stakes, and different monetary positions held by NAAG entities.

Kobash expressed concern NAAG’s investments are undermining his efforts to “fight the corrosive ‘ESG’ practices of funding corporations and different gamers within the monetary business.” “These practices destroy shareholder worth in pursuit of faddish ideological goals, typically with out correct disclosure to buyers,” AG Kobash mentioned.

“[L]ine gadgets within the fund clearly present funding in ESG-oriented entities like BlackRock and DFA Rising Markets Social Core Fairness Fund,” Breitbart reported after reviewing the knowledge supplied to Kobash by NAAG.

“Primarily based on how I’ve seen NAAG function, this revelation isn’t stunning,” AG Knudsen instructed Breitbart Information:

“It appears they both don’t understand how the cash is invested, or they’re making an attempt to obfuscate the truth that there are investments in ESG-related funds. Both means, it’s not acceptable and this fashion of doing enterprise is why I ended utilizing Montanans tax {dollars} to pay NAAG dues.”

In his letter to NAAG, despatched Wednesday (Feb. 8, 2023), Knudsen tells the affiliation it has 90 days to return Montana’s funds, in an effort to keep away from authorized motion:

“Return the cash in your accounts that belongs to Montana inside 90 days or I’ll go to court docket and sue to make sure that the cash is safely and legally introduced again inside the 4 corners of Montana regulation.”
 

Editor’s Word: This piece reprinted with permission and was first printed on CNSNews.com.