Attorney General Cameron Announces Multi-State Investigation into Six Major Banks for ESG Investment Practices (2024)

FRANKFORT, Ky. (October 19, 2022)–Attorney General Cameron today announced a multi-state investigation into Bank of America, Citigroup, Goldman Sachs, JP Morgan Chase, Morgan Stanley, and Wells Fargo for alleged antitrust and consumer protection law violations related to ESG (environmental, social, governance) investment practices. As members of the United Nations’ Net-Zero Banking Alliance, these banks are required to set carbon emissions reduction targets in their lending and investment portfolios to eliminate carbon emissions by 2050.

“Kentucky’s consumer protection and antitrust laws prohibit companies from engaging in coordinated practices that block certain Kentucky businesses from accessing banking services,” said Attorney General Cameron. “We joined this investigation to ensure Kentucky companies that reject the Biden Administration’s anti-fossil fuel climate agenda have the same financial freedoms as those who accept it.”

The coalition of attorneys general have issued civil investigative demands and subpoenas to Bank of America, Citigroup, Goldman Sachs, JP Morgan Chase, Morgan Stanley, and Wells Fargo, asking for documents relating to the companies’ involvement with the United Nations’ Net-Zero Banking Alliance. The information requested centers on suspected financial discrimination against companies that do not align with the United Nations’ “net-zero” climate agenda.

Some of the subpoenas sent to the banks include requests to:

• Identify the objectives and mission of theNet-Zero Banking Alliance and describe how these objectives have been incorporated into the company’s business operations.
• Describe the extent to which the company, as a signatory to the Net-Zero Banking Alliance, has taken steps to support the elimination of fossil fuels from economic sectors.
• Describe the extent to which the company, as a signatory to the Net-Zero Banking Alliance, has taken action to support the deployment and financing of net-zero climate policies.

Attorney General Cameron joined in the Missouri-led investigation along with attorneys general from Arizona, Arkansas, Indiana, Kansas, Louisiana, Mississippi, Missouri, Montana, Nebraska, Oklahoma, Tennessee, Texas, and Virginia.

Click the name of the corresponding bank to view a copy of the subpoena issued to Bank of America, Citigroup, Goldman Sachs, JP Morgan Chase, Morgan Stanley, and Wells Fargo.